Business

Central bank to maintain interest rate cap

The State Bank of Vietnam (SBV) said it will maintain its interest rate cap between now and June this year.

The State Bank of Vietnam (SBV) said it will maintain its interest rate cap between now and June this year.

Talking with the press on Jan. 11, SBV Governor Nguyen Van Binh said inthe first quarter of the year, the central bank will supply money tocredit institutions to increase their liquidity and facilitate businessproduction activities.

The cap on interest rate, which now standsat 14 percent a year, is expected to be lifted when the SBV can bettermanage credit institutions’ liquidity, he said.

According to theSBV leader, the banking sector posted a credit growth of 13 percent in2011, representing almost one-third of the previous years’ figures.

Tightening credit growth will help reduce machinery and equipment imports and trade deficit, he said.

Thecentral bank will continue supporting Vietnamese dong and stabilisingforeign currencies to ensure that exchange rate fluctuates at 2-3percent./.

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