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Vietnamese banks raise interest rates to pre-pandemic levels

HANOI, Nov. 15 (Xinhua) -- Commercial banks in Vietnam have increased deposit interest rates to up to nearly 10 percent amid inflationary pressure, Vietnam News Agency reported on Tuesday.

Sai Gon Joint Stock Commercial Bank offered the highest rate with 9.75 percent interest for customers depositing money for 13, 15, 18, 24 and 36-month terms. Vietnam Prosperity Joint Stock Commercial Bank also increased interest rates to 9 percent for online deposit with terms from 18 months.

Bac A Commercial Joint Stock Bank, Saigon-Hanoi Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint Stock Bank and other banks have also hiked their interest rates this month, the report said.

The rates in many banks have been adjusted up to reach or even surpass the pre-pandemic levels. Deposit interest rates and lending rates are forecasted to rise by 0.5-1 percentage point in the last two months of this year, said the report citing local analysts.

The State Bank of Vietnam (SBV), the country's central bank, raised interest rates in late October as part of an effort to curb inflation risks, stabilize the foreign exchange market and protect the banking system.