ANTD.VN - Enterprises and economic organizations withdrew more than 74,000 billion VND from the banking system in July, while the growth of residential deposits also cooled down.
The State Bank has just announced the latest statistics on the total amount of deposits of residents and economic organizations in the banking system as of the end of June 2023.
Accordingly, total deposits in the banking system by the end of July reached only over VND12,299 trillion, down more than VND67,500 billion compared to the end of June (nearly VND12,367 trillion).
The decline in deposits from economic organizations was the main reason for the decline in total deposits in the banking system after a long period of continuous increase. After a sudden spike in June, deposits from this group of customers decreased again in July (before that, deposits from economic organizations had decreased continuously in the first 5 months of the year).
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| Businesses accelerate withdrawal of money from the banking system |
Accordingly, in July alone, economic organizations withdrew about VND74,200 billion from the banking system, causing the amount of deposits of this group at banks to decrease to just over VND5.9 million billion. This figure is also 0.74% lower than at the end of last year.
Meanwhile, in the opposite direction, people's deposits continued to increase. Specifically, by the end of July, the balance of people's deposits in the banking system reached nearly 6.4 million billion VND, an increase of more than 6,700 billion VND compared to the previous month and an increase of 8.93% compared to the end of 2022.
Although residential deposits continued to increase for the ninth consecutive month, the figure was only about 20% of the growth in June and lower than the first months of the year. This figure was also not enough to offset the decline from economic organizations, causing the total deposit to decline.
Previously, in June, residents' deposits in the banking system increased by VND35,341 billion. In May, residents' deposits also increased by VND14,700 billion compared to the previous month.
In particular, in the first months of the year, the growth of residential deposits was very high, reaching VND 177,300 billion in January; VND 137,000 billion in February; VND 100,800 billion in March and increasing by more than VND 52,000 billion in April.
Deposits in the banking system have shown signs of slowing down amid very low interest rates. Meanwhile, in July and August, the stock market performed quite positively. This may lead to a partial shift of cash flow to this market. Since the beginning of the year, the State Bank has continuously adjusted down the operating interest rates 4 times with a reduction of 0.5-2%/year.
Currently, the highest interest rate at banks is less than 7%/year. At Vietcombank, the maximum mobilization interest rate has recently dropped to only 5.3%/year - a record low in the market so far, lower than during the pandemic period.
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