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NEWS UPDATES 2 September 2010

Cost of Vietnamese borrowing drops

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The interest rate on loans at commercial banks from August 20-26 was lowered by 1 percent to about 13 per cent per ear.

This move is to boost the economy after the State Bank of Viet Nam injected capital into the market to improve liquidity.

State owned banks are charging exporters, farmers and rural developers between 12-13.5 percent per year for both short and long-term loans.

Private banks charge between 12-14.5 per cent. The total trading volume on the inter-bank market was VND101.22 trillion ($5.19 billion) in Vietnamese dong and US$1.96 billion in US dollars, up 3.9 per cent and 1.8 per cent, respectively.

Most tradings in dong were made overnight and during the week. Overnight interest rates for the dong rose 0.08 per cent.

Average short term interest rates ranged from 6.78 per cent to 8.56 per cent per year.
The highest lending interest rate was 12 per cent and the lowest interest rate was 6 per cent. The exchange rate hovers around VND19,480-19,500 per US dollar after the dong depreciated by 2 per cent last week.

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