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Vietnam central bank sets reference rate for bank deposits at vbsp at 12.94% p.a.
The State Bank of Vietnam (SBV) on January 31 issued Dispatch No. 428/NHNN-CSTT to announce the reference interest rate of 12.94% per annum for deposits of credit institutions at Vietnam Bank for Social Policies (VBSP).
Specifically, the average deposit interest rate in the dong of credit institutions as of December 31, 2011, which serves as the basis to determine the dong interest rates on deposits of local credit institutions at the VBSP in 2012, would be 12.94% p.a., the dispatch said.
Credit institutions and the VBSP shall base on the reference rate set by the central bank and regulations in Circular No. 04/2003/TT-NHNN to negotiate and sign deposit contracts in 2012.
Source: businesstimes.com.vn
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