The financial market remained stable last week, the State Bank of Viet Nam reported.

It said interest rates for dong deposits were adjusted downward during the week, with rates for terms of less than one month dropping sharply.

Interest rates on US dollar deposits remained unchanged.

Commercial banks currently offer interest at the rate of 16.64-16.8 percent on deposits, and demand 19.12-20 percent per year on short-term loans, and 19.7-20.3 percent per year on medium- and long-terms.

The central bank said foreign exchange rates too were stable last week. Banks continued to fix forex rates at VND230 below the ceiling rate fixed 16,570-16,610 per dollar. On the free market it was 16,570-16,590.

The central bank said it is closely monitoring the global situation and the possible impact of the financial crisis on the country’s economy to take timely measures.

It will monitor domestic credit organizations and the currency market to ensure they remain on course to achieve this year’s macroeconomic targets.

Source: SGGP