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State Bank raises three key interest rates (31/01)
06/08/2010 - 27 Lượt xem
The prime rate was set at 8.75 percent per year, up 0.5 percent, while the refinancing rate was set at 7.5 percent per year, up 1.0 percent and the discount rate at 6.0 percent per year, up 1.5 percent.
The move was expected to help tighten monetary supplies and control inflation, the bank said, as well as better align official and market rates since the old rates had fallen below interbank rates.
“Over the next few months, capital supply and demand will not fluctuate unusually and consumer prices will remain under control, while global interest rates will decrease slightly and the dollar-dong exchange rate will strengthen a little,” the State Bank predicted on its website.
The State Bank did not expect the new rates to significantly affect commercial interest rates on the domestic market.
The prime rate is the interest rate that banks charge each other for short term loans. Most banks use this rate as the baseline for the interest rates they can charge on loans, including consumer loans, mortgages and credit card interest rates.
The discount rate is the rate which the State Bank charges member banks for short-term loans via discounting commercial paper or other debt instruments. The refinancing rate is used by the central bank on loans to its members.
Source: VNA
