SBV Vice Governor Nguyen Thi Hong (Source: VNA) Hanoi (VNA) – The State Bank of Vietnam (SBV) willcontinue managing monetary policy in an active, cautious and flexible mannerand combine with other fiscal and macro-economic policies to control inflation,ensure credit institutions’ liquidity, stabilise monetary and foreign exchangemarkets.
During a meeting in Hanoi on June 11 to announce bankingactivities in the first half, SBV Vice Governor Nguyen Thi Hong said the centralbank will support monetary market stabilisation and direct interest rates thatsuit macro balances, inflation rate and monetary market, making it easier forcredit organisations to reduce lending rates on the basis of ensuring safeoperations, financial health and reducing bad debts.
She added that outstanding loans have grown since early thisyear, targeting manufacturing and trade, especially in priority fields. As ofMay 31, credit went up 6.16 percent from the late 2017.
Lending rates for priority fields have decreased, with Stateand commercial banks cutting about 0.5 percent per year in interest rates forconsumers with good credibility.
At current, interest rates of short-term loans stand at 6-9percent while those of mid and long-term loans are about 9-11 percent. Thosewith high credibility and financial capability could enjoy rates of 4-5 percentper year.
The SBV will also flexibly manage central rates,contributing to stabilising the macro economy. It bought a high amount offoreign currencies to raise foreign reserves, thus strengthening trust inVietnamese dong. Gold market remains stable.
It took a number of measures to speed up cashless paymentand directed credit organisations apply technology in technical infrastructurein payment to enhance security and ensure consumers’ interests.
As of late March, there were 17,887 operating automatedteller machines (ATMs) and 278,768 points of sale (POS) nationwide, not tomention a huge volume of online transactions.-VNA
During a meeting in Hanoi on June 11 to announce bankingactivities in the first half, SBV Vice Governor Nguyen Thi Hong said the centralbank will support monetary market stabilisation and direct interest rates thatsuit macro balances, inflation rate and monetary market, making it easier forcredit organisations to reduce lending rates on the basis of ensuring safeoperations, financial health and reducing bad debts.
She added that outstanding loans have grown since early thisyear, targeting manufacturing and trade, especially in priority fields. As ofMay 31, credit went up 6.16 percent from the late 2017.
Lending rates for priority fields have decreased, with Stateand commercial banks cutting about 0.5 percent per year in interest rates forconsumers with good credibility.
At current, interest rates of short-term loans stand at 6-9percent while those of mid and long-term loans are about 9-11 percent. Thosewith high credibility and financial capability could enjoy rates of 4-5 percentper year.
The SBV will also flexibly manage central rates,contributing to stabilising the macro economy. It bought a high amount offoreign currencies to raise foreign reserves, thus strengthening trust inVietnamese dong. Gold market remains stable.
It took a number of measures to speed up cashless paymentand directed credit organisations apply technology in technical infrastructurein payment to enhance security and ensure consumers’ interests.
As of late March, there were 17,887 operating automatedteller machines (ATMs) and 278,768 points of sale (POS) nationwide, not tomention a huge volume of online transactions.-VNA
VNA
