Interest rates on AUD deposits approach 5% p.a.

Interest rates offered on Australian dollars (AUD)-denominated deposits were recently pushed up, rising to as high as 4.57% per annum, the local online newspaper Dau tu Chung Khoan reported.

Specifically, ANZ offered 4.48% p.a. interest rates in AUD deposits for 1-month and up to 4.57% p.a. for 2-month terms, the highest level in the whole banking sector. HSBC was also reported to attract funds in Australian dollars at around 4% per annum.

Besides, the AUD interest rates ranged from 3.5% to 3.8% p.a. at Saigon Commercial Bank (SCB) and 3.5-3.7% p.a. for 1-3 month terms at Eximbank.

In addition, local banks lifted interest rates for deposits in other foreign currencies, such as euro. Particularly, SCB quoted interest rates for euro deposits at as high as 4% p.a.

After the central bank imposed rate caps on the dong and dollar deposits, local lenders sought for mobilizing foreign currencies by offering higher interest rates, commented Le Tham Duong, Head of Business Administration Department, Banking University of Ho Chi Minh City.

Interest rates on gold deposits were also reported to rise significantly, surging to 3.5% p.a. at (SCB). TinNghia Bank and Orient JS Bank (OCB) also offered interest rates on their short-term gold certificates at above 3% per annum.

Source Sophie/ StoxPlus

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam interest rates

Posted by VBN on Nov 29 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry