Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong speaks at the National Assembly’s Q&A session on November 12. (Photo: VNA) Since the outset of COVID-19 in Vietnam last year, theSBV has cut regulatory interest rates three times by 1.5 – 2 percent in total, Hong said,noting that this was a major cut compared to other regional countries.
The central bank has also requested domestic lenders toreduce interest rates on both new and old loans, she added. The lenders have slashedaround 30 trillion VND, or over 1.32 billion USD, in interest payment for customersaffected by the COVID-19.
She unveiled the SBV will instruct the banking system tofurther cut operation costs so as to make additional interest rate cuts andensure the security of the system in the coming time.
It will also actively coordinate with relevant ministriesand agencies to develop new support packages in the form of interest cuts for the affected, withmacro-economic stability, inflationary risks and safety risks to the bankingsystem taken into account, she said./.
VNA
