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Central bank strives to ease lending interest rates

Tien phong has quoted its source as saying the State Bank is considering lowering the ceiling deposit interest rate to 12 percent from the current 14 percent as a preparation step for the implementing of the monetary policies for 2012.

A banker, a member of the G12 group (the group of the most Vietnamese powerful banks), and an official of the Vietnam Banking Association (VNBA) both declined to give comments on the information. Meanwhile, Nguyen Duc Huong, Deputy Chair of Lien Viet Post Bank, said that this is very likely to happen.

“Governor of the State Bank of Vietnam once stated that once the inflation rate in November is lower than one percent, there would be the good conditions for considering lowering the ceiling interest rate as a solution to decrease the lending interest rates,” Huong said.