Customers are doing transactions at an office of Vietinbank. (Source: vietinbank)

Hanoi (VNA) – Some big credit organisations, including State-owned commercial banks, lowered their interest rates for short-term deposits as from September 26, according to the State Bank of Vietnam (SBV).

The new interest rates applied to non-term or below-one-month deposits are at 0.3 percent-0.5 percent a year, while the rates for one-to-below-three-month deposits at 4.2 percent-4.3 percent per year. The interest rate of 4.8 percent a year is applied to deposits of three to less than five months.

For deposits of five to below six months, the interest rate is 5 percent per year, while the rates of 5.3 percent and 5.5 percent per year are applied to deposits of six to less than nine months and those of nine to less than 12 months, respectively.

According to the SBV, the move is a positive and timely solution to implement the government’s direction on running the macro-economy that was materialised by the SBV Governor for the banking sector at Instruction No. 04/CT-NHNN on May 27, 2016 on cutting costs to reduce lending interest rates to prop up business and production activities and the economy.

From the beginning of this year, the SBV has followed closely the market and flexibly run the monetary policy, support liquidation, keep inter-bank interest rate stable at a low level in order to stablise mobilisng interest rates and ease pressure on lending interest rates as well as ensure to stablise exchange rate and increase foreign currency reserves.-VNA