In order to attract individual customers, many joint stock banks raised the US dollar deposit rate from 3 percent to 4.7 percent pa. Meanwhile the US dollar saving rates of the import export banks only increased slightly to 3.5-4.0 percent pa, showing that the US dollar source of these banks are very abundant so they did not push up US dollar interest rates in order to ensure the competitive strength for lending rates.
Currently, the gold price is tending to fall. Many banks raced to cut down the gold deposit rates so customers decided to sell gold and then deposit the dong. Particularly, between March 15 and April 29, Saigon Commercial JS Bank (SCB) will buy gold at high prices if customers commit to send back savings at the bank. The gold buying price of SCB will be higher 0.50-0.10 percent than its listed purchase price.
According to banks, the US dollar lending rate ranges between 6 and 8 percent pa, much lower than the dong lending rate of 17-18 percent pa so many enterprises shifted to borrow US dollar loans. On the other hand, SBV also extended the subjects being allowed to borrow US dollar whereby the demand for US dollar loans is predicted to bounce in the coming time (especially Q2 annually) thanks to the exciting export operations.
Banks' US dollar saving rates help increase the profitability of depositors, but some financers said that dong deposits are still more beneficial. For example, with $10,000, depositors will enjoy the highest rate of 0.33 percent a month (for the term of three months). When the deposits fall mature, the receivable interest will be $100 equalling to 1.935 million dong. By that time converting the deposit of $10,000 into the dong, depositors will receive 193.5 million dong. If sending the sum of money of 193.5 million dong as a 3-month deposit at banks, the real deposit rate will be nearly 1 percent pa and the profitability will be 5.8 million dong at that time, higher three times than US dollar deposit rate.
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