Banks nationwide have unanimously pledged to cap the deposit interest rate at 14 percent per year, according to the State Bank of Vietnam (SBV).
The consensus was reached as representatives from over 50 commercial banks throughout the country and the Vietnam Bankers’ Association gathered in Hanoi on December 14 to discuss the control of interest rates and monetary policy in the coming time.
They agreed that this rate includes special offers and gifts for customers, and banks must publicise their promotion campaigns on the mass media.
The bank representatives also suggested the SBV act as an arbitrator who supervises and impose strict punishments on any case violation of the ceiling interest rate.
Earlier on Dec. 13, the SBV issued a strict warning on the CEO and General Director of the Technical and Commercial Joint Stock Bank (Techcombank) for his bank’s spontaneous action to raise deposit interest rate to 17 percent, affecting the interest rate market and causing an instability in the financial and monetary market./.
The consensus was reached as representatives from over 50 commercial banks throughout the country and the Vietnam Bankers’ Association gathered in Hanoi on December 14 to discuss the control of interest rates and monetary policy in the coming time.
They agreed that this rate includes special offers and gifts for customers, and banks must publicise their promotion campaigns on the mass media.
The bank representatives also suggested the SBV act as an arbitrator who supervises and impose strict punishments on any case violation of the ceiling interest rate.
Earlier on Dec. 13, the SBV issued a strict warning on the CEO and General Director of the Technical and Commercial Joint Stock Bank (Techcombank) for his bank’s spontaneous action to raise deposit interest rate to 17 percent, affecting the interest rate market and causing an instability in the financial and monetary market./.
