Vietnam banks cut gold deposit interest rates

Export- Import Joint Stock Commercial Bank (Eximbank), and VietA Joint Stock Commercial Bank (VietABank) have cut gold deposit interest rates, the online newspaper Tuoi Tre reported April 7 without citing how much the cut is.

After the downward adjustment, Viet A Bank offers the best rates in the market now with the highest gold deposit interest rate at 1% p.a. for 3-month term and the lowest rate at 0.5% p.a. for above 6-month terms. Eximbank offers the respective rates of 0.9% and 0.2%.

An Binh Bank and Sacombank set the same gold deposit interest rates for all terms, which are 0.05% p.a. and 0.01% p.a., respectively.

Bankers said the gold deposit rate cut is expected, as the State Bank of Vietnam (SBV) has squeezed their gold lending activities.

Some bankers have finished buying gold deposits sold before, paving the way for them to trim down gold deposit interest rates, they revealed. – Stoxplus.com

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Apr 7 2011. Filed under Banking-Finance, Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry