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1. The SBV Governor issued Decision No. 2459/QÐ-NHNN dated
October 28 on keeping the base interest rate unchanged at 7% p.a.
The decision took effect from November 1st and replaced Decision
No.2232/QÐ-NHNN dated September 24 on the base interest rate in
VND. The SBV also announced several interest rates which are
applicable from November 1st as follows: the refinancing interest
rate is 7% p.a., the discount rate is 5% p.a., and the overnight
rate in the inter-bank electronic payment and the rate of loans to
finance short balances in clearing transactions between SBV and
commercial banks is 7% p.a.
2. The VND mobilizing rates increased by 0.2-0.4 percentage
points p.a. in comparison with the previous week. The VND
mobilizing rates rose by 0.2-0.3 percentage points p.a for some
state-owned commercial banks (Agribank, BIDV, Vietcombank) and
0.2-0.4 percentage points p.a for several joint-stock commercial
banks (ACB, Techcombank, Eximbank, Maritime bank, VIB, Saigon Bank,
Dong A Bank, Viet A Bank, Southern Bank).
The USD mobilizing rates increased by 0.2-0.4 percentage points
p.a..Vietcombank increased the rates by 0.3-0.4 percentage points
for most terms. Agribank raised the rates by 0.2 percentage point
p.a for the terms of below 12 months. The USD mobilizing rates of
several joint-stock commercial banks (ACB, Techcombank, Eximbank,
Maritime bank, VIB, Viet A Bank, Southern Bank) rose by 0.2-0.4
percentage points p.a.
The average mobilizing rates were as follows:
|
The average mobilizing rate
|
Currency
|
Demand
(% p.a.)
|
3 months
(% p.a.)
|
6 months
(% p.a.)
|
12 months
(% p.a.)
|
|
Group of state- owned commercial banks
|
VND
|
2.4–3.0
|
8.0-8.5
|
8.4-8.8
|
8.6-9.2
|
|
USD
|
0.1-0.5
|
1.8-2.3
|
1.7-2.5
|
2.4-3.0
|
|
Group of joint-stock commercial banks
|
VND
|
2.4-3.6
|
8.7-9.2
|
8.8-9.4
|
8.9-9.6
|
|
USD
|
0.1-0.5
|
1.9-2.3
|
2.2-2.8
|
2.7-3.2
|
The VND lending rates were stable as compared to the previous
week. The lending rates in VND were commonly quoted at 10%-10.5%
p.a. The negotiable lending rates applicable for personal and
credit card loans were commonly at 14% - 16.5% p.a.
The USD lending interest rates were commonly at 3.5%-5% in the
group of the state-owned commercial banks. The lending rates in USD
of the group of the joint-stock commercial banks for short, and
medium and long terms were commonly quoted at 4.5%-6% p.a., and
6%-7.5% p.a. respectively. The average lending rates were as
follows:
|
The average lending rate
|
Currency
|
Short term
(% p.a)
|
Medium & long terms
(% p.a)
|
|
Group of state- owned commercial banks
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VND
|
10-10.5
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10.0-10.5
|
|
USD
|
3.5-4.5
|
4.0-5.0
|
|
Group of joint-stock commercial banks
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VND
|
10.0-10.5
|
10.5
|
|
USD
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4.0-6.0
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6.0-7.5
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3. The total amount of transactions in the inter-bank market
reached about VND 71,983 billion and USD 1,856 million, i.e. VND
14,396 billion and USD 371 million per day averagely. The amount of
overnight transactions accounted for 41% of the total amount of
transactions in VND. The amount of VND transactions increased by
VND 5,554 billion while the amount of USD transactions decreased by
USD 337.7 million as compared to the previous week. Accordingly,
the amount of overnight term transactions in VND increased by the
highest level (VND 6,000 billion).
The average interest rates in VND in the inter-bank market were
on a upward trend for the short terms (from overnight to 1 month
terms) as compared to the previous week. The rate for 1 month- term
increased significantly by 0.9 percentage point p.a. The rate for 3
month- term increased slightly by 0.13 percentage point p.a. The
average interest rate for 12 month term slightly increased by 0.06
percentage point p.a. The average interest rate for the other terms
(3 month and 6 month terms) decreased as compared to the previous
week, and the amount of the transactions of these terms was
small.
The overnight average interest rate in VND was 7.66 % p.a., an
increase of 0.41 percentage point p.a. as compared to the previous
week. The highest lending rate in VND was 10.50% p.a. (mainly for 3
month and 6 month terms), the lowest lending rate was 3% p.a.
(excluding the rate of the demand loans).
The average interest rates in USD were on a slight downward
trend for most terms with the decrease of 0.01-1.02 percentage
points p.a., except that the average interest rates for 1 and 2
week terms increased as compared to the previous week.The highest
average interest rate was 2.15% p.a. The rates for the other terms
ranged from 0.85% p.a. to 1.67% p.a. There were mainly transactions
for short terms and no transaction for the 12 months term.
The average interest rates in the inter-bank market were as
follows (% p.a):
|
Term
|
Overnight
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1 week
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2 weeks
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1 month
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3 months
|
6 months
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12 months
|
|
VND
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7.66
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8.98
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9.18
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9.77
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9.77
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10.08
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9.88
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USD
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0.85
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1.22
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1.18
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1.67
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2.15
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0.88
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-
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4- Commercial banks quoted the selling and buying VND/USD
exchange rates closely to the ceiling rates set by the SBV. The SBV
closely watched the developments in the market, managed the
exchange rate flexibly to control trade deficit and stabilize
macro-economy.
5. SBV Management Board’s Activities
- The SBV Governor chaired a meeting to review the
implementation of the interest rate subsidy scheme for the first 9
months of 2009 and announce the monetary policy measures in the
coming time in Hanoi on October 26.
LVH
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