The interest rate cap for deposits with maturities of one month to less than six months has been lowered to 4% annually from 4.25%. The State Bank of Vietnam (SBV), the country's central bank, has announced the fourth policy rate cut this year to support the economy amid Covid-19 impacts, scheduled to take effect from today [October 1]. The State Bank of Vietnam. As per the decision, a 0.5 percentage point reduction would be applied to the refinancing interest rate, discount interest rate, overnight lending rate, and interest via open market operations (OMO). Accordingly, the refinancing interest rate is down from 4.5% per annum to 4%, rediscount rate from 3% to 2.5%, overnight interest rate from 5.5% to 5% and interest rate via OMO from 3% to 2.5%. The SBV also lowered the interest rate cap to 4% annually from 4.25% for deposits with maturities of one month to less than six months. The deposit interest rate cap with maturities of less than one month and for demand deposits are unchanged at 0.2% per annum, while the maximum rate for deposit with maturities of one month to less than six months at people's credit funds and micro finance services is… Read full this story
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