All banks simultaneously reduced their USD deposit interest rates to 3 percent on April 13 in response to the State Bank of Vietnam ’s recent related decision, which took effect the same day.

On April 9, the State Bank of Vietnam issued a circular setting the maximum USD deposit interest rate for resident and non-resident individuals at 3 percent per year.

The Joint Stock Commercial Bank for Foreign Trade, Vietcombank, offered the interest rate for USD deposits with terms ranging from one to even 60 months.

Meanwhile, the Sai Gon-Thuong Tin Commercial Joint Stock Bank, Sacombank, applied the rate for deposits termed up to 24 months only.

The cut in USD mobilising interest rate is expected to help banks mobilise more deposits in Vietnamese dong, which currently enjoy its mobilising interest rate of 14 percent unchanged./.