For the fourth time this year the State Bank of Vietnam (SBV) cut its policy interest rates on June 19, with the deposit rate for tenors shorter than six months falling to 4.75% a year from the previous 5%. Since then, many commercial banks have lowered deposit rates of all tenors. Sharp deposit rate cuts The Big Four banks, namely Vietcombank, Agribank, VietinBank and BIDV, were the first trendsetters when they simultaneously lowered the interest rates for deposits of 1 to 2 months by 0.7 percentage point, cut the rate […]
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