State Bank of Vietnam to apply new basic interest rate at 11% per annum on Nov 21
Thursday, 20. November 2008, 05:14:58
Nov 20 Sate Bank of Viet Nam announces Decision No 2809, today Nov 20 the new basic interest rate is cut down from 12% per year to 11% per year, applied from Nov 21, 2008. Consequently, the loan interest rate is limited to 16.5% per annum at maximum (150% of basic interest rate).
Fishery; agricultural households, forestry producers are able to enjoy loan rate at 12% per annum. Picture: Collecting fishes from boat at a port in Nghe An provice
In implementation Government guideline for inflation control, to limit the negative effects of global financial crisis and economic downturn, to stabilize the macro economic, to maintain suitable & sustainable growth rate; State Bank of Vietnam will launch the following measures:
- Decision # 2809/QD-NHNN Dated Nov 20 for interest rates of refinancing decreasing from 12% to 11% per year, consequently, the maximum loans rate in VND for financial organisation will be reduced from 18% per annum to 13% per annum.
- Decision # 2810/QD-NHNN Dated Nov 20: Refinancing interest rate decreases from 13% to 12% per year; discount rate decreases from 11% to 10% per year; overnight rate in inter-banks electronics payment, and loans for balancing account from SBV to other banks from 13% to 12% per year.
- Decision # 2811/QD-NHNN dated Nov 20 for adjustment of compulsory reserves rate for VND by - 2% compare to decision # 2560/QD-NHNN on Nov 3, 2008.
Interest loan rates cut off for VND:
1. BIDV - Bank for Investment & Development of Vietnam: from Nov 20, reduces from 14% to 13% per annum for manufacturers in cement; energy filed; gasoline; steel; fertilizer and pharmaceuticals.
2. Agribank - Vietnam Bank for Agriculture and Rural Development: From Nov 21, reduce loan rate for agricultural households, forestry, fishery producer from 14.4 % per annum (applied since Nov 10) to 12% per annum.
3. Vietcombank: From Nov 20, applied privilege loan rate at 12% per annum from previous rate of 13.5% per year.
Fishery; agricultural households, forestry producers are able to enjoy loan rate at 12% per annum. Picture: Collecting fishes from boat at a port in Nghe An provice
In implementation Government guideline for inflation control, to limit the negative effects of global financial crisis and economic downturn, to stabilize the macro economic, to maintain suitable & sustainable growth rate; State Bank of Vietnam will launch the following measures:
- Decision # 2809/QD-NHNN Dated Nov 20 for interest rates of refinancing decreasing from 12% to 11% per year, consequently, the maximum loans rate in VND for financial organisation will be reduced from 18% per annum to 13% per annum.
- Decision # 2810/QD-NHNN Dated Nov 20: Refinancing interest rate decreases from 13% to 12% per year; discount rate decreases from 11% to 10% per year; overnight rate in inter-banks electronics payment, and loans for balancing account from SBV to other banks from 13% to 12% per year.
- Decision # 2811/QD-NHNN dated Nov 20 for adjustment of compulsory reserves rate for VND by - 2% compare to decision # 2560/QD-NHNN on Nov 3, 2008.
Interest loan rates cut off for VND:
1. BIDV - Bank for Investment & Development of Vietnam: from Nov 20, reduces from 14% to 13% per annum for manufacturers in cement; energy filed; gasoline; steel; fertilizer and pharmaceuticals.
2. Agribank - Vietnam Bank for Agriculture and Rural Development: From Nov 21, reduce loan rate for agricultural households, forestry, fishery producer from 14.4 % per annum (applied since Nov 10) to 12% per annum.
3. Vietcombank: From Nov 20, applied privilege loan rate at 12% per annum from previous rate of 13.5% per year.
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