Update news central bank
Credit demand in Vietnam is expected to stay low in the foreseeable future as the Covid-19 pandemic continues to be complicated globally, said a central banker.
With fewer concerns about currency and external stability, Vietnam’s central bank is likely to be more comfortable with delivering interest rate cuts to support growth.
The State Bank of Vietnam (SBV) ranked first in the Public Administration Reform Index (PAR Index) in 2019 with 95.4 out of 100 points.
The central bank of Vietnam had previously cut the benchmark interest rates by 0.5 – 1 percentage point in March.
Local lenders are considering waiving interest rates of outstanding loans worth VND185 trillion (US$7.94 billion) for 34,350 customers.
With greater liquidity, investors would look for markets deemed safe with less negative impacts from the Covid-19 epidemic.
Total assets of commercial banks under state ownership accounted for 42.7% of the total in the banking sector, followed by joint stock commercial banks with 41.6%.
Vietnam’s foreign reserves have surged 2.5 times against 2015, Governor of the State Bank of Viet Nam (SBV) Le Minh Hung said.
A major proportion of bank loans are provided for the business community, particularly the private sector and individuals.
More than 2,320 bank officers have lost jobs at VP Bank, and the figure is 1,248 at OCB. The two banks had the highest number of officers losing jobs this year.
VietNamNet Bridge – In 2019 the State Bank of Viet Nam has set a credit growth target for the banking sector of 14 per cent, lower than the rates of 18 per cent in 2017 and 17 per cent in 2018.
Most of the Reserve Bank of India's (RBI) 17,000 employees went on strike on Thursday in what the central bank described as "mass casual leave".
Chinese shares have closed lower despite a fresh rate cut by the central bank.The mainland's benchmark Shanghai Composite fell 1.27% to 2,927.29, after veering in and out of negative territory.
Officials at the US's central bank were split about when to raise interest rates, latest minutes released by the Federal Reserve have revealed.
VietNamNet Bridge – The State Bank of Vietnam will continue to pursue its current dong/dollar exchange rate stabilization policy in 2015. Vietnamese dong depreciation, if it occurs, will not be higher than two percent.