Inspect and examine banks that increase deposit interest rates

Prime Minister Pham Minh Chinh requested this in Official Dispatch 19/CD-TTg on strengthening the implementation of solutions to reduce interest rates, recently issued.

 

The dispatch clearly stated that recently, the Government and the Prime Minister have issued many instructions to the State Bank and credit institutions to continue implementing solutions to reduce lending interest rates, remove difficulties for customers, support people and businesses to develop production and business, and promote growth. However, recently, some commercial banks have adjusted their deposit interest rates upward, which is a factor that increases lending interest rates.

 

In the face of the above situation, the Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to immediately inspect and examine commercial banks that have recently adjusted their deposit interest rates and the announcement and implementation of deposit and lending interest rates by credit institutions.

 

Timely and strictly handle violations and non-compliance with the instructions of the Government, the Prime Minister and the State Bank of Vietnam according to regulations, in which the Governor of the State Bank of Vietnam considers and decides to use the management tools of the State Bank of Vietnam on credit growth limits and revoke licenses according to regulations.

 

The Prime Minister also requested the State Bank to regularly monitor and closely supervise the developments in interest rates of mobilization and lending of commercial banks, and to implement more drastic and effective solutions within its authority to reduce the lending interest rate level, create conditions for people and businesses to access loans at reasonable costs, restore and develop production and business, promote economic growth associated with macroeconomic stability, control inflation, ensure major balances of the economy, safety of banking operations and the system of credit institutions, etc.

 

According to the State Bank of Vietnam, Phu Yen branch, since the beginning of the year, credit institutions in the province have adjusted deposit interest rates and lending interest rates according to the instructions of the headquarters of each unit.

 

Currently, the common VND mobilization interest rate is 0.1-0.5%/year for non-term deposits and deposits with terms of less than 1 month; 1.5-4.75%/year for deposits with terms from 1 month to less than 6 months; 4.06-5.18%/year for deposits with terms from 6 months to less than 12 months; for terms of 12 months or more, the average mobilization interest rate is 4.74-5.77%/year.

 

LE HAO

Source: https://baophuyen.vn/82/326337/thanh-tra-kiem-tra-cac-ngan-hang-tang-lai-suat-huy-dong.html