Vietnam to increase the refinancing rate and rediscount rate by 1% from October 25, 2022

Tran Thanh Rin

09:43, 25/10/2022

On October 24, 2022, the State Bank of Vietnam promulgated Decision No. 1809/QD-NHNN on the refinancing rate, rediscount rate, overnight rate for inter-bank electronic payment, and interest rate for loans for covering the capital shortfall regarding clearing of the State Bank of Vietnam for credit institutions and foreign bank branches.

According to the Decision, the State Bank of Vietnam has adjusted the refinancing rate and the rediscount rate as follows:

- The refinancing rate is 6,0%/year.

(Increased by 1% compared to the refinancing rate prescribed in Decision No. 1606/QD-NHNN dated September 22, 2022, which is 5,0%/year)

- The rediscount rate is 4,5%/year.

(According to Decision No. 1606/QD-NHNN, the rediscount rate is 3,5%/year)

Additionally, the overnight rate for inter-bank electronic payment and the interest rate for loans for covering capital shortfall regarding clearing of the State Bank of Vietnam banks have increased to 7,0%/year.

(Previously, according to Decision No. 1606/QD-NHNN, the interest rate is 6,0%/year).

Decision No. 1809/QD-NHNN comes into force as of October 25, 2022 and replaces Decision No. 1606/QD-NHNN dated September 22, 2022.

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