After the State Bank of Vietnam (SBV)’s decision of reducing the basic rate to 7% a year, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) announced adjusting down the lending rate benchmark as of February 2.

Accordingly, the maximum rate will be 6.84% a year for a 36-month term and the lowest is at 6% a year for one-month term, two months at 6.12%, three months at 6.24%, six months 6..42%, nine months 6.54% and 12 months 6.66% a year.

For the US dollar lending rate, the bank has decided the benchmark at 1.25% per annum for demand lending rate and the highest level will be 3.5% per annum for 18-36-month terms. Other terms will carry the lending rate ranging between 2.1% and 3.5% a year.

At the same time, the Bank for Investment and Development of Vietnam (Bidv) also officially announced reducing the dong lending rate from February 1.

As for common loans, Bidv will apply the lending rate at 9% a year for a three-month term and 9-10% a year for terms from three months and longer.

For export preferential loans to borrowers who have committed to sell foreign currency to the bank, Bidv will apply the lending rate at 8% a year for a three-month term.

In addition, Bidv’s branches will also apply a reasonable lending rate benchmark not exceeding 150% of the central bank’s basic rate. (DDDN)