, Vietnam

Vietnam banks warned for violating interest rate regulations

The State Bank of Viet Nam warned leaders of Kien Long Bank and Western Bank for interest rate violations.

 

Investigators discovered their deposit interest rates were higher than regulated, according to VietFinanceNews.

The cap on the rate of Vietnamese dong is 14 per cent per year but Phuong Tay's Ha Noi branch was offering up to 17.8 per cent and Kien Long's Dak Lak branch was offering 15.7 per cent on one-month deposits.

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