Illustrative Image (Source:VNA)
The State Bank of Vietnam (SBV) has lowered the interest rates for USD deposits from organisations and individuals (excluding credit institutions and foreign bank branches).

Accordingly, the annual interest rate for USD deposits from organisations has been reduced to zero from the current 0.25 percent while the interest rate for deposits from individuals dropped to 0.25 percent from the current 0.75 percent.

The information was stated in Decision 1938/QD-NHNN, which comes into effect on September 28.

According to the bank, the decision aims to prevent foreign currency speculation, helping to effectively implement monetary policies and banking operations for the rest of the year.

The new decision replaces the SBV’s Decision 2172/QD-NHNN dated October 28, 2014 on the maximum interest rate applicable to USD deposits from entities and individuals at credit institutions and foreign branches.-VNA