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Local monetary market stable: central bank   2008-10-04 - Sai Gon Giai Phong

Despite fluctuations in the world financial market caused by the ongoing financial crisis in the U.S., the monetary situation in Viet Nam has remained stable, the State Bank of Viet Nam (SBV) said on Friday.

Deals made at the Vietcombank's HCM City Branch

The liquidity of the country’s banking system is secure and the bank is closely following developments in the world’s financial market to ensure prompt, effective measures to cope with new developments, the bank said.

According to reports from credit institutions, interest rates on deposits at commercial banks now range between 3.6 and 17.14 percent. At joint stock banks, the rates are 3.73 - 17.38 percent.

Lending interest rates are at 20 - 20.5 percent at state-owned banks and 20.2 - 20.5 percent at joint stock banks.

After the central bank decided to raise the interest rate on compulsory reserves from October 1, state-owned banks have lowered their interest rates on loans by 0.5 - 1.8 percent per year.

Meanwhile, some joint-venture banks, commercial joint stock banks and branches of foreign banks in Viet Nam are considering a further reduction in their lending rates.

The difference between buying and selling prices of the US dollar is now VND40-50, and one US dollar is being exchanged for VND16,570-16,620, the SBV said. On the open market, the exchange rate for the dollar is VND16,560-16,600.

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