State Bank of Vietnam trims prime rates from July 10. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam (SBV) has reduced its primeinterest rates and the cap on short-term loan rates as from July 10 to serve demandfor capital in some economic sectors.
The refinancing rate, the discount rate and overnight inter-bank interest rateswill be cut by 0.25 percent per year. Meanwhile, maximum lending rate for short-termloans will be slashed by 0.5 percent a year.
[Interest rates for different terms forecast to drop 0.5-1 percent]
Financial institutions and foreign banks must implement the SBV’s directionwhile balancing capital to ensure liquidity. They were asked to cut operationcosts and enhance efficiency in order to further reduce interest rates for lendingto businesses in priority sectors.
The SBV ordered its branches to inspect the implementation of the rate cuts infinancial organisations.
To realise the Party and Government’s decrees on socio-economic developmentthis year, the SBV has carried out measures to support liquidity of financialinstitutions and stabilise interest rates and exchange rates.-VNA
Financial institutions and foreign banks must implement the SBV’s directionwhile balancing capital to ensure liquidity. They were asked to cut operationcosts and enhance efficiency in order to further reduce interest rates for lendingto businesses in priority sectors.
The SBV ordered its branches to inspect the implementation of the rate cuts infinancial organisations.
To realise the Party and Government’s decrees on socio-economic developmentthis year, the SBV has carried out measures to support liquidity of financialinstitutions and stabilise interest rates and exchange rates.-VNA
VNA
