Banking sector to continue reducing lending rates by 0.5%

The Hanoitimes – The banking sector has committed to the Prime Minister for an additional reduction of 0.5% in lending rates as of January 9. As such, Vietcombank is the first bank realizing this commitment. The Prime Minister Nguyen Xuan Phuc highly regarded the State Bank of Vietnam’s (SBV) effort in macro economic management in 2017 at the meeting on the banking mission in 2018. Firstly, the SBV has actively and flexibly managed monetary policies, taking the inflation rate under 3.53%, which is lower than original target set by the National Assembly. This favorable condition has allowed the government to create rooms for improving effectiveness of fiscal policies.  Secondly, the domestic foreign exchange market and the gold market have been kept in stable and in positive trends, creating favorable conditions to support export activities. “An efficient exchange rate policy is instrumental to bring the foreign exchange reserves to an all-time record high of US$53 billion, contributing to Vietnam’s improved credibility in global financial market, and building trust among foreign investors, organizations and individuals”, the Prime Minister said.  The government is committed to protect legal rights and interests of depositors – the leader of the government added. Thirdly, the banking sector continues its role as the main supplier of capital to the economy, with the total credit balance as of the end of 2017 reached US$284 billion, an increase of 18% over the last year’s figure. With this being said, the banking sector has pumped an additional of US$52.5 billion to… [Read full story]

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