Deposit rates fall further
HCMC – Following the central bank’s interest rate cuts in April, commercial banks have lowered deposit rates further this month. Annual deposit rates now range from 7% to 9% at most banks, 1-1.7 percentage points lower than late last year. Kienlongbank now applies a 7% yearly rate to nine-month
Credit growth and rate cuts
Since early this year, many banks have made deep deposit rate cuts, with the rate for tenures shorter than six months reduced by 0.5 percentage point and that for longer tenures slashed by 1.5 to 2.0 points. The lending rate, however, remains high as its reduction has been narrower than that of