On Monday, many customers who earlier had withdrawn money from the Asia Commercial Joint Stock Bank (ACB), returned to redeposit the money they had withdrawn, observed Saigon Giai Phong Newspaper.
Phung Hung from District 11 said he withdrew money last Saturday with the intention of investing it in gold, but the price of gold has gone up so much that redepositing the money back into ACB made more sense.
Hung said that he redeposited his money at the bank once again because the bank offered him the same interest rate as before his withdrawal.
Nguyen Thanh Toai, deputy director of ACB, said that from August 27 the bank has been giving gifts to those customers who returned to redeposit their savings in the bank, and also offered the same interest rate.
Some customers came to the bank to withdraw gold, but instead the bank preferred to pay in Vietnam Dong.
Mr. Toai explained that ACB had sent deposited gold to the Saigon Jewelry Company (SJC) to reprocess into SJC gold bullion.
Until SJC completes reprocessing gold, the bank will continue to pay for deposited gold in Vietnam dong.
Cash withdrawal on Monday was still high, but much lower than last week. Transactions at the bank have returned back to normal. From August 21-27, deposits at the bank totaled VND33,440 billion (US$1,605 million).
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