The Governor of the State Bank of Vietnam (SVB) on March 2 ordered the heads of every SBV branch in the country to monitor the interest rates for Vietnamese dong savings deposits offered by local credit organisations.
The order was made as some commercial banks in localities have raised their interest rates for Vietnamese dong deposits to 17-18 percent a year, driving up the level of savings interest and causing instability in the deposit market.
Inspection must be conducted immediately to uncover violations, says the central bank’s dispatch.
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