Monday, December 17, 2018 - 5:09:13

dong liquidity

State Bank plans no import of gold

Business

State Bank plans no import of gold

The State Bank of Vietnam has no plan to import gold any time soon since the metal is neither an essential item nor benefits the economy, Deputy Governor Le Minh Hung has said.

The Government had decided not to stabilise gold prices or spend foreign exchange to import it also to discourage the practice of investing in gold and stop its use in commercial transactions.

Bank deposit interest rates surge

Business

Bank deposit interest rates surge

The deposit interest rate at some commercial banks has significantly exceeded the State Bank of Vietnam's cap and has hit 19 percent per year.

While banks are officially quoting the same 14 percent interest rate for dong deposits, credit officials have been offering depositors between 16-19 percent per year.