Interbank interest rates nearly doubled

The interest rate of VND in the interbank market on August 8 increased from 1 - 3% in terms, with short terms increasing at a faster rate. Specifically, the overnight interest rate of VND increased to 6.25%/year, 1 week to 6.11%/year, 2 weeks to 6.28%/year, 1 month to 5.51%/year, 3 months to 5.68%/year, 6 months to 5.31%/year... Compared to the level of 3.35 - 5.66%/year at the end of July, the current interest rate of VND has nearly doubled in some terms. Although the interest rate has increased, the transaction turnover between banks has also reached a high level. For example, the overnight term increased to 527,820 billion VND, 1 week to 10,910 billion VND... This shows that the liquidity of banks is also tense, so they increase borrowing from each other at a high level.

Interbank interest rates in VND increased. PHOTO: NGOC THANG

Meanwhile, the interest rates for mobilizing VND of banks for individuals and businesses have not changed much. The interest rate for non-term deposits is from 0.1 - 0.5%/year; 1 month from 1.6 - 3.6%/year; 3 months 1.9 - 4.3%; 6 months 3.9 - 5.2%/year….

In the open market, the State Bank continued to pump net money into the market. On August 11, more than VND26,476 billion was pumped into the market, equivalent to nearly USD1 billion. Of which, 6 members won bids of more than VND7,561 billion for a 7-day term; 4 members won more than VND8,908 billion for a 14-day term; 3 members won more than VND10,005 billion for a 28-day term. The winning interest rate is 4%/year.

Recently, the Vietnam Banking Association issued a dispatch calling on banks to join hands in reducing lending interest rates to support the economy . Banks stabilize deposit interest rates at all terms, while continuing to promote digital transformation, reduce costs reasonably, creating room for reducing lending interest rates. On that basis, depending on their financial capacity, consider reducing lending interest rates and implementing appropriate credit programs to facilitate people and businesses to access credit capital at reasonable interest rates./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/lai-suat-tien-dong-lien-ngan-hang-tang-gan-gap-doi-185250811180255523.htm

Source: https://baolongan.vn/lai-suat-tien-dong-lien-ngan-hang-tang-gan-gap-doi-a200484.html