Accordingly, the maximum interest rate for non-term and under-one-month term bank deposits will drop by 0.2 percent to 1 percent per year, while the rate will reduce from 7 percent to 6 percent per year for deposits left between one and six months.
The SBV will also apply a reduction from 1.25 percent to 1 percent per year to deposits in USD made by individuals and will retain the rate of 0.25 percent for businesses and organisations.
At the same time, the annual interest rate for longer-term deposits from 6 month and over will be fixed by credit organisations based on the demand and supply of the capital market.
The short-term lending interest rate for five priority areas, namely agriculture, export, supporting industry, small and medium-sized enterprises and high-tech firms will be cut from 9 to 8 percent per annum.
Source: VNA