TinNghiaBank increased its interest ratesfor gold certificates to 3.1%, and up 0.4% from the bank’s previous level.
The rate is the the highest in the banking system.
Customers who deposited at least 0.1 tael of SJC gold were entitled to receive an interest rate 3.1% p.a. on their gold deposits for 3, 4, 6 and 9 – month terms, up 0.4-0.6%, while the interest rates were 3.05%, up 1.05%, and 3.06% p.a., up 1.02%, for 1 and 2 – month terms, respectively.
The State Bank of Vietnam recently issued Official Dispatch No.8492, requesting all credit institutions to take measures to gradually reduce gold deposits, ensuring that the issuance of short term gold certificates by credit institutions would be terminated by May 1, 2012.
The central bank’s move came out after many lenders outside G5+1 simultaneously offered to purchase gold at attractive prices from gold, VND or USD depositors, dodging the deposit rate caps to attract funds.
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