The interest rates were kept stable in the first six months of 2018 (Photo: VNA)HCM City (VNA) –The interest rates were kept stable in the first six months of 2018 while thelending rates for priority fields have decreased.
The information was revealed at a meeting to review the banking activities inthe first half of 2018 in Ho Chi Minh City on June 13.
State and commercial banks cut about 0.5 percentper year in interest rates for consumers with good credibility.
At current, interest rates of short-term loansstand at 6-9 percent while those of mid- and long-term loans are about 9-11percent. Those with high credibility and financial capability could enjoy ratesof 4-5 percent per year.
According to Vice Governor of the State Bank ofVietnam (SBV) Nguyen Thi Hong, to ensure the liquidity of credit organisationsand stabilisation of the monetary and forex market, the central bank will focuson the flexible management of open market operations in line with marketdevelopments and available capital of credit organisations.
The bank will make it easier for credit organisations to reduce lending rateson the basis of ensuring safe operations, financial health and reducing baddebts.
Head of the SBV’s Monetary Policy Department Pham Thanh Ha said the restructuringof credit organisations continues to be stepped up this year.
At present, commercial banks have basicallybuilt restructuring plans in association with dealing with bad debts, he said.
The inspection of banks has been increased toprevent, detect and resolutely address risks and violations of creditorganisations, he added.
Apart from improving legal foundation, the SBVhas enacted numerous measures to boost non-cash payment and encourage creditorganisations to apply technology in payment technical infrastructure,strengthen security, and ensure interests for customers.
As of late March, there were 17,887 operatingautomated teller machines (ATMs) and 278,768 points of sale (POS) nationwide,not to mention a huge volume of online transactions.-VNA
VNA
