The CNET Lounge

General discussion

Banks cut deposit rates as CPI declines-Topix

by brendanolin / March 23, 2013 5:34 PM PDT
http://www.topix.com/forum/world/germany/T2M014EL6A60RSA9S


Wednesday saw many banks simultaneously slash deposit interest rates, while the Ho Chi Minh City Statistics Office announced a slight decrease in the city's consumer price index.
The interest rate for deposits of a term between one and three months at Vietcombank was lowered from the rate cap of 8 percent a year to 7.5 percent a year.
The country's third-largest partly-private lender also dramatically cut the rate for deposits of a term of over 12 months, dropping it from 10.5 percent to 9.5 percent.
ACB meanwhile imposed a 0.2 percentage point cut on rates for one- to six-month terms, while offering a 7.6 percent a year rate for 9-month term deposits.
Some industry insiders, however, believe the unexpected interest rate cuts were a sign of banks embracing another order to slash rates by the State Bank of Vietnam.
The banking system is likely to see another interest rate adjustment, as the government has recently asked the central bank to continue lowering deposit interest rate in order to reduce lending rates. The deposit interest rate was capped at 8 percent last year under the government's bid to assist businesses with lower lending rates.
CPI declines
Other insiders said the rate cuts came since banks have anticipated the development of the CPI in March, which saw a slight decrease of 0.29 percent, according to the statistics office. The city's CPI rose 1.15 percent in the first quarter of this year.
Six out of 11 commodity baskets posted slight decreases, the office said.
The deepest decrease -- 0.62 percent -- was recorded in the commodities and services basket, followed by food and restaurant services (0.6 percent), and culture-entertainment-tourism services (0.47 percent).
Beverages and cigarettes dropped by 0.35 percent, while transport saw a 0.34 percent decline, and garments and textiles-headwear-footwear, 0.08 percent.
In the increase group, housing-electricity-water-fuel prices, and construction material prices respectively rose by 0.38 percent and 0.07 percent.
However, local consumers said they have not seen any price cuts on the products on sale in citywide markets.
"Prices of pork, vegetables, and other essentials remain almost unchanged," said Thanh Xuan, a market-goer from Binh Thanh District.
Meanwhile, economic expert Ngo Tri Long said the lower CPI does not mean good news for the economy.
"In fact, it proves that the economy remains in crisis with poor consumption and manufacturers in trouble," he said.

Read more:
http://tylergrouphome.blogspot.com/
http://www.good.is/posts/the-tyler-group-reviews-even-when-it-goes-wrong-barcelona-and-arsenal-still-feed-the-soul
Post a reply
Discussion is locked
You are posting a reply to: Banks cut deposit rates as CPI declines-Topix
The posting of advertisements, profanity, or personal attacks is prohibited. Please refer to our CNET Forums policies for details. All submitted content is subject to our Terms of Use.
Track this discussion and email me when there are updates

If you're asking for technical help, please be sure to include all your system info, including operating system, model number, and any other specifics related to the problem. Also please exercise your best judgment when posting in the forums--revealing personal information such as your e-mail address, telephone number, and address is not recommended.

You are reporting the following post: Banks cut deposit rates as CPI declines-Topix
This post has been flagged and will be reviewed by our staff. Thank you for helping us maintain CNET's great community.
Sorry, there was a problem flagging this post. Please try again now or at a later time.
If you believe this post is offensive or violates the CNET Forums' Usage policies, you can report it below (this will not automatically remove the post). Once reported, our moderators will be notified and the post will be reviewed.
Popular Forums
icon
Computer Help 47,885 discussions
icon
Computer Newbies 10,322 discussions
icon
iPhones, iPods, & iPads 3,188 discussions
icon
Security 30,333 discussions
icon
TVs & Home Theaters 20,177 discussions
icon
HDTV Picture Setting 1,932 discussions
icon
Phones 15,713 discussions
icon
Windows 7 6,210 discussions
icon
Networking & Wireless 14,510 discussions

Tech Tip

Tired of your tricky Wi-Fi password?

Stop trying to memorize a complicated sequence of numbers and letters. Learn how to change the default password.