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Central bank keeps 12 percent base rate unchanged   2008-06-03 - TN, Bloomberg

 
   
Vietnam’s central bank said Monday it was keeping unchanged the base rate used for banks to calculate their own rates on dong deposits and lending at 12 percent.

 

 

The central bank imposed the base rate on May 19 and said banks can fix their own rates for deposits and lending at up to 150 percent of the base rate.

The rate would be set each month but the central bank said it could also change when necessary.

Earlier it applied a base rate of 8.75 percent only for lending.

“At the start of June there has been no change yet,” Deputy Governor Nguyen Dong Tien told Reuters on the sidelines of a business forum.

Since May 19 banks have mostly been offering dong deposits at up to 15 percent.

Last Friday Ho Chi Minh City-based Saigon Commercial Bank said it now paid 16 percent for dong deposits.

Interbank lending ranged between 13-18 percent while banks charge their clients at 20 percent or more, saying they have to add a fee to help maintain normal banking operations.


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