Commercial banks issue gold deposit certificates, intensively

Other banks are offering lower interest rates than T, but the rates are still considered high if noting that other banks’ interest rates are marching towards the zero percent level. Southern Bank, for example, is issuing 3-5 month gold deposit certificates, offering the interest rate of 1.3 percent per annum, and issuing 6-11 month certificates with the maximum interest rate of 1.5 percent per annum. Regarding the gold interest rates, the bank sets interest rates and makes adjustments on the interest rates based on the actual demand and supply, in order to ensure the optimum business efficiency of the bank. He went on to say that the bank is now mobilizing gold just to pay gold back to clients for the matured deposits, while it is waiting for clients to pay gold back to the bank. Before the Circular No 11 came out, commercial banks used some 30 percent of the mobilized gold volume and converted the gold to dong in order to help improve the dong liquidity. Especially, when the gap between the dong and gold interest rates increased, some commercial banks even made an adventurous move by selling gold for dong and lending in dong, which allow bringing higher profits. Is it possible that commercial banks rush to mobilize capital in gold now in order to sell gold for dong to help improve dong liquidity? Answering the question, the banks which are mobilizing gold said that the current gold mobilization does not have any relations with the demand for Vietnam dong. The Circular No 11 stipulates that credit institutions must not convert mobilized gold into dong and they also must not deposit gold or lend in gold to other credit institutions.

VietABank to issue 137 million shares - VietNam Today's blog

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