Most domestic banks have announced new deposit rate indices in the morning of October 18. The most interesting point is interest rates for terms from one to 12 months of most banks are kept at a sole level of 11 percent per annum. CEO of a joint stock commercial bank joked that now both big and small banks must abide by an exclusive level of interest rate, which is 11 percent, regardless of being strong and weak.
With the interest rate benchmark is almost the same at most savings terms, substantially; the shortest terms will have the highest real saving rates. Consequently, the unbalance amongst terms will become more serious, said chair of a fund management company in Hanoi.
Talking to VnExpress.net, Bui Thi Mai, director general of Hanoi Building Commercial Joint Stock Bank (Habubank) said the efforts to reduce deposit rates to 11 percent in in line with the target to cut lending rates. Mai added that only when they could manage to decrease the deposit rates, lending rates would be pulled down, though it is very difficult to be done at the current context.
Meanwhile, information from Vietnam Banks Association (VNBA) mentioned that most banks have carried out their commitments to lower deposit rates and some have lowered lending rates. In addition to Vietcombank, ACB has even pulled down both deposit and lending rates. Housing Bank of Mekong and Delta (MHB) has also announced significant reduction of lending rates.
Accordingly, MHB reduced the best lending rate for businesses from 16 percent to the lowest level of between 11.5 percent and 12.5 percent per annum; lending rate for real estate investment was cut from 16 percent to 13 and 14 percent per annum; loans for rice harvest was down to 11.5 percent from 12.5 percent per annum.
Information from VNBA also mentioned that yield curve of interest rates would be difficult to be shaped, while inflation risk is increasing, and they must still balance with the goal of interest rate cut to boost economic growth. Only when inflation is curbed, yield curve of interest rates would be shaped.
According to various evaluations of several banking leaders, certain disturbances might occur in the mobilisation capital market, after deposit rates are kept at the same level of 11 percent per annum.
However, "the positive point is that some banks have tried their best to lower lending rates to spur economic growth. This should be recognised by the society", said an expert from VNBA.
With the interest rate benchmark is almost the same at most savings terms, substantially; the shortest terms will have the highest real saving rates. Consequently, the unbalance amongst terms will become more serious, said chair of a fund management company in Hanoi.
Talking to VnExpress.net, Bui Thi Mai, director general of Hanoi Building Commercial Joint Stock Bank (Habubank) said the efforts to reduce deposit rates to 11 percent in in line with the target to cut lending rates. Mai added that only when they could manage to decrease the deposit rates, lending rates would be pulled down, though it is very difficult to be done at the current context.
Meanwhile, information from Vietnam Banks Association (VNBA) mentioned that most banks have carried out their commitments to lower deposit rates and some have lowered lending rates. In addition to Vietcombank, ACB has even pulled down both deposit and lending rates. Housing Bank of Mekong and Delta (MHB) has also announced significant reduction of lending rates.
Accordingly, MHB reduced the best lending rate for businesses from 16 percent to the lowest level of between 11.5 percent and 12.5 percent per annum; lending rate for real estate investment was cut from 16 percent to 13 and 14 percent per annum; loans for rice harvest was down to 11.5 percent from 12.5 percent per annum.
Information from VNBA also mentioned that yield curve of interest rates would be difficult to be shaped, while inflation risk is increasing, and they must still balance with the goal of interest rate cut to boost economic growth. Only when inflation is curbed, yield curve of interest rates would be shaped.
According to various evaluations of several banking leaders, certain disturbances might occur in the mobilisation capital market, after deposit rates are kept at the same level of 11 percent per annum.
However, "the positive point is that some banks have tried their best to lower lending rates to spur economic growth. This should be recognised by the society", said an expert from VNBA.
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