The decrease in short-term deposit rates at commercial banks was mainly driven by the excess liquidity when credit growth was slow at only 5.12% year-on-year as of September 22. The State Bank of Vietnam (SBV)'s latest policy rates cut, its fourth time of the year, is expected to have limited impacts on the economy, according to securities firms. The latest policy rates cut is expected to have limited impacts on the economy. On September 30, the SBV announced it would slash 0.5 percentage points 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. Meanwhile, the SBV ordered banks to lower the maximum lending rate for short-term loans to 4.5% from 5%, with the aim of helping companies operating in the fields of agriculture, high-tech industries and exports, among others. Similarly, that… Read full this story
- Bank of Canada rate cut chances fall despite slowing growth: Reuters poll
- China says it could do more to stimulate the economy after tiny rate cut
- Reserve Bank keeps cash rate on hold
- Further interest rate cuts by Russian central bank 'appropriate' - IMF mission
- Pakistani central bank lifts interest rate as inflation bites
- CEE MARKETS-Currencies steady after Fed, region's central banks keep stable rates outlook
- Slowing Turkish inflation gives room for more rate cuts
- Malaysia's economy loses steam in third quarter, raising rate cut bets
- How does Fed’s interest rate cut affect exchange, interest rates in VN
- India August inflation likely rose, but rate cuts still on the cards: Reuters poll
Vietnam c.bank’s latest policy rate cut to have limited impacts on economy have 294 words, post on hanoitimes.vn at October 5, 2020. This is cached page on VietMaz. If you want remove this page, please contact us.