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Friday, June 14, 2024

Forex speculation concern

By Thuy Le

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Interest rates for Vietnam dong currency have steadily inched down recently but dollar interest rates on the interbank market have remained high, fueling concern over forex speculation A widening interest rate differential This month, numerous banks have continued cutting deposit interest rates. Bac A Bank, for example, has trimmed deposit rates for tenors longer than six months by 0.15 to 0.2 percentage point. Deposits of one to five months and those longer than 13 months at VPBank have got their interest rates cut by 0.2 point while the rates for tenors of six to 13 months are down by 0.4 to 0.5 point. LPBank has taken off 0.2 point from deposit rates for tenors of one to five months, and 0.1 to 0.4 point for tenors longer than 13 months. OCB has lowered rates by 0.3 point for all tenors longer than six months. On the interbank market, interest rates have taken a deeper dive. On July 6, the overnight rate plunged to 0.61% per annum while the rate for one-week loans also tumbled to 0.85% and 1.31% for two-week loans. Longer-term loans carry higher rates, at 3.04%, 4.51% and 5.82% for one-, three- and six-month loans, respectively. Compared to […]
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