The State Bank of Việt Nam (SBV) today announced its decision to adjust the basic interest rate from 10% to 8.5% per year since early next week. Accordingly, the highest interest rate of loans will be cut from 15% to 12.75%.
In addition, SBV decided to cut refinance interest rate to 9.5%. Rediscount interest rate will stand at 7.5%.
The interest rate of compulsory reserve will be only 8.5%.
SBV orders all State-owned commercial banks, joint-venture ones, and branches of foreign banks to keep a compulsory reserve of 5%.
Those adjustments will come into force since December 22.
The adjustments will facilitate enterprises in accessing to credit capital, help credit organizations expand their loans for production, export and import of essential commodities, small and medium enterprises, and feasible projects.