Agribank cuts interest rates following SBV regulation

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Nhân dân English - 29 month(s) ago 5 readings

Agribank cuts interest rates following SBV regulation

Nhan Dan Online – The Vietnam Bank for Agriculture and Rural Development (Agribank) has cut both its deposit and lending rates after the State Bank of Vietnam (SBV) capped the ceiling for deposit interest rates at 12% per year.

The State lender said interest on non-term deposits will be 4% per year while annual interest on term deposits will be cut to 12% in line with the new regulation.

Agribank’s lending rates also fell by 1 to 1.5 percent in conjunction with the reduction in deposit interest rates.

The bank expects to increase its credit in 2012 by 17% to VND54 trillion (US$2.6 billion), of which VND10 trillion (US$480 million) will be allocated for agricultural production, animal husbandry, aquaculture and rural development.

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