The State Bank of Vietnam (SBV) decided to adjust interest rates, effective from March 15, 2023.

Specifically, Decision No. 313/QD-NHNN dated March 14, 2023 on refinancing interest rate, rediscount interest rate, overnight lending rate in interbank electronic payment and loan to make up shortfall. capital shortfall in clearing payment by the State Bank of credit institutions (CIs).

Accordingly, the refinancing interest rate remained unchanged at 6%/year, the rediscount rate decreased from 4.5%/year to 3.5%/year; interest rates for overnight loans in interbank electronic payments and loans to make up for shortfalls in clearing payments by the SBV for credit institutions decreased from 7.0%/year to 6.0%/year.

Decision No. 314/QD-NHNN dated March 14, 2023 on the maximum short-term lending interest rate in VND of credit institutions for borrowers to meet capital needs for a number of economic sectors and sectors according to prescribed in Circular No. 39/2016/TT-NHNN dated December 30, 2016.

Specifically, the maximum short-term lending interest rate in VND of credit institutions for borrowers to meet capital needs for a number of economic sectors and industries decreased from 5.5%/year to 5.0%/year. year; The maximum short-term lending interest rate in VND of People's Credit Funds and Microfinance Institutions for these capital needs decreased from 6.5%/year to 6.0%/year.

The State Bank of Vietnam said that the reduction of operating interest rates is a flexible solution in line with current market conditions to realize the National Assembly and Government's goal of recovering economic growth. That oriented to reduce the market interest rate, contributing to removing difficulties for businesses and the economy.

At the same time, the adjustment of the ceiling on short-term lending interest rates in VND for priority sectors to 5.0%/year creates favorable conditions for businesses and people to access loans at a lower cost. in priority areas according to the policy of the Government.

The reduction of the operating interest rate is an important step, orienting the market's interest rate reduction trend in the coming time, thereby orienting credit institutions to reduce lending rates, accompanying businesses and people to contribute to promoting interest rates. promote economic growth.

The State Bank is not subjective with increasing inflation pressure in the context that inflation in the first 2 months of 2023 has increased close to the target level of 4.5% from the beginning of 2023; global inflation is forecasted to remain at a high level; The major central banks continued the process of tightening monetary policy, adjusting up and keeping interest rates at a high level.

In the context of global and domestic economic uncertainties, the SBV will closely monitor domestic and foreign market developments to continue adjusting operating interest rates, thereby contributing to the implementation of the policy of reducing interest rates. lending to the economy of the National Assembly, the Government and the Prime Minister when market conditions are favorable.

At the same time, continue to closely monitor domestic and international monetary developments, forecast inflation and market interest rates to continue directing credit institutions to have cost-saving solutions to stabilize interest rates for loans to support enterprises to recover and develop production and business.