Central bank asks credit institutions to reduce interest rates
The State Bank of Vietnam (SBV) has sent a document to credit institutions and branches of foreign banks and SBV in provinces and centrally-run cities regarding the reduction of interest rates.
Hanoi (VNA) ꦆ- The State Bank of Vietnam (SBV) has sent a document to credit institutions and branches of foreign banks and SBV in provinces and centrally-run cities regarding thereduction of interest rates.
The document clearly stated that in accordance with the Governmentand the Prime Minister’s directives, and based on the recent market andinterest rate movements, the SBV requested all credit institutions and branches of foreign banks to strictly followits regulations on deposit rates. They must publicly post deposit rates at thedesignated deposit-taking locations as prescribed by the SBV and continue withmeasures to reduce deposit rates, thus creating conditions to lower lending ratesfor clients. They were urged to persist in cost-saving efforts to strivefor further reductions in lending rates, which aims to support firms inrestoring production and trade, and propelling economic growth, as directed bythe National Assembly and the Government. They were also assigned to raise public awareness of the efforts on the mass media so that customers are well informed and have access to the supportpolicy. The SBV branches in provinces and cities must closelymonitor interest rate movements in their respective areas. By doing so, theycould propose appropriate solutions to enforce the SBV’s policy./.
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Illustrative image (Photo: VNA) 
