Commercial lenders to cut interest on deposits

Calculated move: A Mexican restaurant in Hanoi is open for business. Four policy interest rate cuts by the State Bank of Vietnam are expected to create more room for lenders to cut interest rates and help bolster a recovery of the economy. — Bloomberg

HANOI: Commercial banks have persistently reduced deposit interest rates, resulting in the mark now standing at just above 6% per annum.

In line with this trend, Military Bank (MB) has revised its rates downward by 0.1 to 0.2 percentage points per year as of 15 Aug 15.