This announcement follows a 9/4 meeting between the State Bank of Vietnam and commercial banks concerning monetary policy management.
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A transaction office of Agribank. Photo: Agribank |
Agribank's 24-month term deposit rate serves as a benchmark for its medium and long-term lending rates. A 0,5% annual reduction in this benchmark will lead to a corresponding adjustment in lending rates.
This interest rate adjustment aligns with the State Bank's directive for commercial banks to stabilize overall interest rate levels.
Since the start of the year, Agribank has actively managed interest rates and capital structure. This proactive approach addresses competitive deposit rates and rising liquidity pressures. The bank's strategies focus on balancing capital, controlling costs, and ensuring system liquidity.
The bank restructured its capital by increasing the proportion of current account savings account (CASA) deposits and prioritizing cost-effective funding sources. It also developed digital deposit products and expanded deposits from the public. Interest rate adjustments are based on market trends and actual liquidity.
A bank representative stated that managing deposit rates helps maintain stable capital and control input costs. This strategy creates room to keep lending rates appropriate, thereby supporting the economy's credit needs.
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Customers depositing savings. Photo: Agribank |
Additionally, the bank continues to offer preferential lending programs. These programs target business production, priority sectors, and customers requiring capital. The simultaneous implementation of interest rate and credit solutions aligns with the State Bank of Vietnam's operational directives, aiming to stabilize the monetary market and foster economic growth.
Amid ongoing pressure on interest rates, Agribank has reduced deposit rates, cut lending rates by 0,5%, and maintained preferential credit programs. These actions, guided by the State Bank, aim to stabilize the monetary market and support production and business activities.
The Dan
