Nearly 44,000 billion VND have been deposited into the banking system.

DNHN - In the first eight months of the year, the total amount of deposits from residents in the banking system surpassed 6,400,000,000,000,000 VND, an increase of nearly 9.7% compared to the beginning of the year and the highest level ever.

The State Bank has released the most recent information on residents' and businesses' money storage.

Residents' deposits into the banking system increased by nearly 44 trillion VND in August. This increase represents a significant improvement compared to July's VND 6,700 billion, June's VND 35,300 billion, and May's VND 14,300 billion.

In the first eight months of the year, the total amount of deposits from residents in the banking system surpassed 6,400,000,000,000,000 VND, an increase of nearly 9.7% compared to the beginning of the year and the highest level ever.

With the addition of more than 100,500 billion VND per month, the number of deposits from economic organizations into the banking system also increased substantially. Comparing July to June, the number of deposits from economic organizations decreased by over 74,000 billion VND.

The total deposits from institutions reached VND 6,013 billion at the end of August, an increase of more than 1 percent from the end of the previous year.

Despite the consistent decline in savings interest rates from the beginning of the year to the present, deposits from both residents and economic organizations have increased. By August, few banks were willing to pay 7% annually on 12-month deposits. Since April, interest rates have decreased to a level that is lower than during the COVID-19 pandemic.

Interest rates continue to fall significantly, and the state-owned banking group offers the market's lowest rates. Vietcombank recently reduced the rate for terms of 12 months or longer by 0.2% to 5.1% per year.

The deposit interest rates of state-owned banks such as Agribank, VietinBank, and BIDV remain stable. The highest annual interest rate is 5.3% for terms longer than 12 months. For terms between 6 months and less than 12 months, the deposit interest rate is 4.3% per annum, whereas the rate for terms between 1 month and less than 6 months is 3.3% per annum.

The highest deposit interest rate for private joint stock commercial banks ranges between 5.3% and 5.7% per year, depending on the bank and the length of the deposit.

According to the most recent data from the State Bank, bank lending increased by approximately 7 percent as of the end of September. From now until the end of the year, it is anticipated that credit will increase due to the initiative to promote trade between ministries and branches, increase export capabilities, and resolve legal issues related to projects.

P.V (t/h)