Sacombank Sharply Cuts Rates on Gold Loans

3:26:25 PM | 7/8/2005

Sacombank Sharply Cuts Rates on Gold Loans

The Saigon Thuong Tin Commercial Bank (Sacombank), the largest joint stock commercial bank in Vietnam, late last week considerably slashed interest rates on gold loans to boost lending for property transactions when domestic gold price has been soaring.

Monthly interest rates were cut by 0.03-0.1 per cent for short-term loans in gold while rates for medium-term loans in the precious metal decreased by 0.05-0.1 per cent.