Annual interest rate on dollar deposits cut to 0%

Friday, Dec 18, 2015 09:53

SBV cuts US dollar interest rate to zero per cent — Photo

HA NOI (Biz Hub) — Starting on December 18, the maximum interest rate paid to individuals depositing US dollars in local banks will be zero per cent per year, the central bank announced.

Organisations, excluding credit institutions or branches of foreign banks, will also not receive interest for dollar accounts.

Prior to the change, the maximum interest rate for individuals was 0.25 per cent per annum.This notice was confirmed in Decision No.2589/QD-NHNN released last night. The central bank said the decision was made to continue implementing concerted measures to increase the value of the dong and curb the dollarisation of the economy. This decision takes effect today, December 18. — VNS

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