Interest rates decrease, people's deposits in banks stagnate

07/27/2023 13:38 Nhat Linh Print article

ANTD.VN - People's deposits in the banking system tend to slow down compared to the sharp increase in the first 4 months of the year.

According to data released by the State Bank, by the end of May, people's deposits in the banking system reached approximately 6.35 million billion VND.

Thus, compared to April, residential deposits increased by only over VND14,700 billion, a figure much lower than previous months and the lowest since October last year.

Specifically, compared to the previous month, residential deposits increased by VND177,300 billion in January; increased by VND137,000 billion in February; increased by VND100,800 billion in March and increased by more than VND52,000 billion in April.

Residential deposits in the banking system tend to decrease gradually.

Thus, residential deposits have been on a downward trend. This has occurred along with the decline in deposit interest rates since the beginning of the year.

Previously, at the end of last year and the beginning of this year, deposit interest rates increased sharply, at times, some banks pushed them up to around 12%/year. In the first 4 months of the year, although interest rates tended to decrease, they were still much higher than before and during the Covid-19 pandemic. However, since May, interest rates have returned to pre-pandemic levels.

However, in the first 5 months of the year, deposits from individuals in the banking system still increased by 8.21% compared to the beginning of the year. This is in contrast to deposits from economic organizations, when deposits from economic organizations decreased by 3.45% compared to the beginning of the year, down to only nearly 5.75 million billion VND.

Currently, businesses are facing many liquidity difficulties. In particular, real estate businesses have frozen cash sources from corporate bonds, while manufacturing and trading businesses lack orders and are shrinking in scale.

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