Interest rates on dollar deposits reach 5.5 pct

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Interest rates on dollar deposits have been raised to as high as 5.5 percent a year as the race among banks is not expected to end anytime soon.

Some commercial banks have raised their dollar rates several times this month and the maxium rates now range from 5 percent to 5.5 percent for 12-36 month deposits, the Vietnam Economic Times reported Sunday.

Analysts said dollar rates in Vietnam are already 10 times higher than the rates in developed economies. However, they forecast the interest rate war among banks will continue as dollar demand in the country is still high.

Bankers said businesses are taking out more dollar loans as interest rates on these loans are around 5-6 percent, compared to the rates of 13-15 percent for dong loans.

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