The US FED has launched an unprecedented bailout to help the economy cope with Covid-19. Meanwhile, the State Bank of Vietnam (SBV) has cut the 1-6 month term deposit interest rate ceiling. The US FED has cut key interest rates to zero percent, announced a $700 billion quantitative easing program, and dollar-swap plan to address the problems amid the Covid-19 pandemic. The US FED has launched an unprecedented bailout to help the economy cope with Covid-19. Meanwhile, the State Bank of Vietnam (SBV) has cut the 1-6 month term deposit interest rate ceiling. Just one day later, SBV decided to lower the ceiling deposit interest rate for 1-6 month term deposits from 5 percent to 4.75 percent per annum, commencing from March 17. Chi Mai Banks lower interest rates following SBV’s policy rate cut By March 17 noon, most of the commercial banks in Vietnam had lowered their interest rates on savings accounts with terms of less than 6 months after the State Bank of Vietnam (SBV) announced its policy rate cut a day earlier. Central bank cuts interest rates to buffer COVID-19 impact The State Bank of Vietnam (SBV) will cut its policy rates starting from March 17 in… Read full this story
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