4:21 PM, 02/12/2008
Benchmark interest rate lowered to 10%
VGP - The PM today allowed the State Bank of Việt Nam (SBV) to cut the prime interest rate from 11% down to 10% per annum, the refinancing rate and overnight rate in the inter-bank electronic payment from 12% down to 11%, rediscount rate from 10% down to 9%, and the compulsory reserve deposit rate in VND to 9% from 10%.
| In addition, the compulsory reserve ratios for deposits in VND and foreign currencies will be lowered by 2%. The SBV Governor was authorized to permit credit organizations to lend highly-productive projects with negotiating interest rates. The reduction of prime interest rates will facilitate commercial banks to further lower lending rates. By Ngọc Vân |
