(ĐN)- The State Bank of Vietnam has warned commercial banks which set mobilisation interest rates "too high" could be punished.
(ĐN)- The State Bank of
Early last week, after the SBV released new regulations on interest rate management which allowed commercial banks to set mobilisation and lending interest rates not exceeding 150% of the SBVs 12% base rate, some banks raised interest rates to the 18% limit. In Dong Nai, some commercial banks have announced to increase their mobilisation interest rates to 17.5% per year.
Last week, the SBV also released Official Letters 4426 and 4428/NHNN-VP requesting the SBVs branches to strengthen its supervision of commercial banks mobilisation and lending services.
Any violation regarding mobilisation and lending at interest rates over 150% of the base rate should be punished and reported to the SBV.
As of December 9, Dong Nai based commercial banks have reduced mobilisation rates to common levels. At the same time, almost all commercial banks in Dong Nai are setting mobilisation rates at around 14-15% per year.
Reported by K.N
