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Interest rates on reservable deposits at State Bank of Vietnam to be quoted

Thùy Liên

State Bank of Vietnam promulgates the Decision No. 1349/QD-NHNN regarding interest rates on reservable deposits and extra-reservable deposits of credit institutions and foreign bank branches.

According to this document, the interest rates applied to reservable deposits and extra-reservable deposits will be subject to the following regulations:

- Reservable deposits in Vietnamese dong: 0.5%/year (Interest rate on reservable deposits in Vietnamese dong prescribed in the Decision No. 421/QD-NHNN is 1.0%/year).

- Reservable deposits in foreign currency: 0%/year.

- Extra-reservable deposits in Vietnamese dong: 0%/year.

- Extra-reservable deposits in foreign currency: 0.05%/year.

Decision No. 1349/QD-NHNN is entering into force from August 6, 2020, replacing the Decision No. 421/QD-NHNN dated March 16, 2020.

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