State Bank reduces operating interest rates

(HNMO) - The overnight lending interest rate in interbank electronic payments and lending to cover capital shortages in clearing payments of the State Bank for credit institutions decreased from 6.0%/year to 5.5%/year; the refinancing interest rate decreased from 5.5%/year to 5.0%/year.

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The State Bank has just announced two decisions on interest rate management effective from May 25.

Specifically, according to Decision No. 950/QD-NHNN dated May 23, 2023, the overnight lending interest rate in interbank electronic payments and lending to cover capital shortages in clearing payments of the State Bank for credit institutions will decrease from 6.0%/year to 5.5%/year; the refinancing interest rate will decrease from 5.5%/year to 5.0%/year; the rediscount interest rate will remain at 3.5%/year.

According to Decision No. 951/QD-NHNN dated May 23, 2023, the maximum interest rate applied to non-term deposits and deposits with terms of less than 1 month remains at 0.5%/year; the maximum interest rate applied to deposits with terms from 1 month to less than 6 months decreases from 5.5%/year to 5.0%/year, while the maximum interest rate for deposits in VND at people's credit funds and microfinance institutions decreases from 6.0%/year to 5.5%/year; the interest rate for deposits with terms of 6 months or more is determined by credit institutions based on the supply and demand of capital in the market.

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