29/11/2014
Vietnam's credit growth rises 10.22% in 11 months
Vietnam's credit growth in the January- November period increased 10.22% compared to the end of 2013, the State Bank of Vietnam (SBV) announced on December 4 in its report on monetary policy and banking operations in the first 11 months this year.
Vietnam's credit growth rises
10.22% in 11 months
Vietnam's credit growth in the January- November
period increased 10.22% compared to the end of 2013, the State Bank of Vietnam
(SBV) announced on December 4 in its report on monetary policy and banking
operations in the first 11 months this year.
Credit
structure continues to shift towards sectors of Government's priorities such as
small and medium sized enterprises, agriculture and rural development among
others.
This
year, the SBV kept the credit growth target for the whole year at 12% - 14%.
According
to the SBV, the total means of payment and deposit mobilisation in 11 months,
both advanced over 13% against the end of 2013, of which deposits in Vietnamese
dong (VND) was up 14.74% despite the lowered lending interest rates.
The
central bank continues to ask commercial banks to reduce lending rates
including old loans to less than 13% per year. To date, the interest rates for
deposits and loans in VND have been slashed by 1.5% - 2% per year compared to
the end of 2013, contributing to removing difficulties for production and
business activities while ensuring the goals of curbing inflation and
stabilising the monetary market.
The
central bank will continue to closely monitor the market to assure the
stability of the monetary market, interest rates and foreign exchange rates,
and will sell foreign currency to intervene the market if necessary.
(nhandan.org.vn)