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Bonds fall, dong gains on increase in bank deposit rates   2009-05-07 - VietNamNet/TN

Five-year bonds declined on speculation that investors will put their money in banks following the recent hike in interest rates on dong deposits. The dong gained. 

 

 
“Interest rates on deposits have been increased to as much as 9 percent, and that’s pushed yields up,” said Vu Anh Duc, a bond dealer at Hanoi-based Vietnam Bank for Industry and Trade, known as VietinBank.

 

The yield on the five-year note rose 0.05 percent to 9.1 percent, according to a daily fixing price from 10 banks compiled by Bloomberg.

 

The dong strengthened 0.06 percent to 17,773 against the dollar as of 4 p.m. local time, according to data compiled by Bloomberg.

 

Banks have hiked the interest rates to mobilize funds needed to lend under the government’s economic package. The government is putting in place as much as US$8 billion tied to measures to boost the economy, Prime Minister Nguyen Tan Dung told investors in Hong Kong on April 20.

 

“Many people are concerned that inflation will return in the second quarter, since the economy is showing signs of recovery,” VietinBank’s Duc said. Concerns about quickening inflation may push yields higher, he said.

 

The State Bank of Vietnam fixed the reference rate for the dong at 16,938 Tuesday, compared with 16,939 Monday, the bank’s website showed. The currency is allowed to trade 5 percent on either side of the set rate.


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