The State Bank of Vietnam (SBV) announced on October 28 that it would continue to subsidise lending interest rates for the rest of the year.
The state bank said that the decision was made after the Prime Minister had reported to the National Assembly at the on-going meeting.
The SBV added it that it would help commercial banks with direct funding by buying foreign currencies from them just in case.
It also promised to provide cash for a number of credit institutions in special need, adding that it will set up a team of observers and take strict measures to ensure the system's security and retain stability in the monetary market.
The SBV reiterated its determination to keep the rate of basic interest stable for the rest of the year.
It also pledged to handle the exchange rates in relation to banking interest rates, the consumer price index and the balance of international payment.
The inter-bank exchange rate will be adjusted flexibly in line with market demand in an effort to stabilise the value of the Vietnamese dong, said the SBV in its latest review on interest subsidies.
The Government’s decision on this came after the SBV reported on the positive results the policy had recorded.
Subsidies on bank interest rates have proved to be helpful for enterprises and farmers to maintain production, expand investments, reduce production costs and generate jobs, which makes a considerable contribution to curbing economic downturns, the SBV reported./.
The state bank said that the decision was made after the Prime Minister had reported to the National Assembly at the on-going meeting.
The SBV added it that it would help commercial banks with direct funding by buying foreign currencies from them just in case.
It also promised to provide cash for a number of credit institutions in special need, adding that it will set up a team of observers and take strict measures to ensure the system's security and retain stability in the monetary market.
The SBV reiterated its determination to keep the rate of basic interest stable for the rest of the year.
It also pledged to handle the exchange rates in relation to banking interest rates, the consumer price index and the balance of international payment.
The inter-bank exchange rate will be adjusted flexibly in line with market demand in an effort to stabilise the value of the Vietnamese dong, said the SBV in its latest review on interest subsidies.
The Government’s decision on this came after the SBV reported on the positive results the policy had recorded.
Subsidies on bank interest rates have proved to be helpful for enterprises and farmers to maintain production, expand investments, reduce production costs and generate jobs, which makes a considerable contribution to curbing economic downturns, the SBV reported./.
