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| Borrowing cost continue to fall |
| 02-SEP-2010 Intellasia | Vietnamnews |
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| 2 Sep, 2010 - 7:00:00 AM |
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The interest rate on loans at commercial banks from August 20-26 was lowered by 1 percent to about 13 percent per year.
This move aims to boost the economy after the State Bank of Vietnam injected capital into the market to improve liquidity.
State owned banks are charging exporters, farmers and rural developers between 12-13.5 percent per year for both short and long term loans. Private banks charge between 12-14.5 percent.
The total trading volume on the inter-bank market was VND101.22 trillion ($5.19 billion) in dong and $1.96 billion in US dollars, up 3.9 percent and 1.8 percent, respectively.
Most trading in dong was made overnight and during the week. Overnight interest rates for the dong rose 0.08 percent.
Average short term interest rates ranged from 6.78 percent to 8.56 percent per year.
The highest lending interest rate was 12 percent and the lowest interest rate was 6 percent.
The exchange rate hovers around 19,480-19,500 dong per US dollar after the dong depreciated by 2 percent last week.
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