HCMC – Some banks said transactions, mainly with depositors, on the first working day after the Lunar New Year holiday (Tet) were higher than in the same period of previous years.
Nguyen Minh Tam, deputy general director of Sacombank, said the bank saw a considerable rise in deposits on Monday, the first working day after Tet.
Tam explained that banks often run lucky draw programs on the first day after the Lunar New Year.
In addition, small traders usually gain high earnings in the pre-Tet buying spree while capital needs after the holiday are not strong, so they choose to deposit their money at banks.
A source from ACB said the number of transactions at the bank increased 1.5 times on Monday against normal days.
Though there are more transactions after Tet, Tam of Sacombank said, the entire year’s capital mobilization might not be as high as in 2013 and 2014 as borrowing rates are now much lower. Besides, capital demand in the economy is huge and more individuals have withdrawn money to invest elsewhere to earn higher profit.
An executive at a joint stock bank said capital mobilization in the banking sector this year might grow 12-13%, the same as last year. Only some groups of clients invest in other channels such as real estate, gold and securities while the remainder still keep depositing money at banks as a safe investment vehicle, he said.
Tam said clients are shifting from short deposit terms to long terms to enjoy higher interest rates.
Deposit rates, according to a banker, are unlikely to fall in the coming time but remain at the current levels or inch up slightly as this year’s capital needs will be higher than in previous years.
In addition, big lenders are unable to bring down borrowing rates further as small banks are offering such high rates.
Source: The Saigontimes