The inter-bank overnight interest rate in VND for one week terms hit 10.17% per annum; the highest since February, surpassing the rate of between 8% and 8.3% in late October.
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| Average overnight interest rates in VND highest since February |
The State Bank of Vietnam (SBV) has also adjusted major interest rates by 1% until November 5.
Average interest rates for short-term transactions surged in late October, carrying into November. The interest rate for one-week and two-week terms on November 3 reached 10.87% per annum (one week) and 10.63% per annum (two week) compared to 10% earlier. For one month terms, a rate of 11.28% per annum has been applied.
Average interest rates for 3-month, 6-month and 1-year terms did not see much change; the 3 month and 6 month rate actually tended to drop.
SBV announced interest rate changes in late October, showing that the average interest rates on the inter-banking electronic payments increased for most terms. The interest rate of six-month and one-year terms slightly increased; the interest rate of the remaining terms grew considerably from 0.81% and 0.96%; the interest rate of one-week terms soared by 1.12% to 9.22%.; and the rate of 3-month terms fell by 0.48%.
Average overnight interest rates in VND stood at 8.11% during the last week of October. Interest rates for 12-month terms were set at 11.58% and the rate for other terms hovered at 11%. In the week, the highest lending interest rate was 12% per annum and the lowest lending interest rate was 6.5% per annum.
