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Interbank short-term interest rates take a tumble

Update: September, 21/2012 - 10:48

HCM CITY (VNS)— Interest rates in the interbank market fell significantly in the week from September 10-14 over the preceding week, according to the State Bank of Viet Nam.

The average interest rate in Vietnamese dong for overnight and three-week term loans decreased by 0.05 and 0.41 per cent, respectively. During the week, interest rates on a three-month term went down by 3.11 per cent to 8.89 per cent per year.

In the interbank market for foreign currencies, liquidity has remained stable. Interest rates for three-month and one-month terms dropped by 0.36 per cent and 0.37 per cent, respectively.

According to credit institutions, total transaction volumes in the dong in the interbank market reached about VND17.8 trillion (US$857.4 million) a day on average, with short-term transactions accounting for 78 per cent of the total.

Meanwhile, short-term transactions in the greenback equaled 68 per cent of the total transaction value in the US dollar.

According to the central bank, credit institutions offered a lending interest rate of between 10-13 per cent per year to the agriculture and supporting industry sectors, small- and medium-sized enterprises and exporters, and 12-15 per cent a year to other production and trading sectors.

Lending interest rates in the US dollar remained stable, with short-term lending interest rates staying at 5-7 per cent a year and 6-8 per cent a year for medium and long-term loans. — VNS

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