Tuesday, 19 Feb 2019

Vietnam c.bank injects VND210 trillion to the market in 6 months

Updated at Thursday, 12 Jul 2018, 14:53
The Hanoitimes - The inter-bank rates and VND mobilizing interest rates remained low and stable, stated the National Financial Supervisory Commission (NFSC).
In the first half of the year, the liquidity of the banking system was abundant, thanks to the State Bank of Vietnam (SBV)'s net cash injection of VND210 trillion (US$9.1 billion) to the market and net purchase of foreign currencies exceeding US$11 billion, according to the NFSC.
Illustration photo.
Illustration photo.
During this period, the system saw a sharp increase of 8% in capital mobilization rate from economic entities and individuals compared to end of 2017, up 1.2 percentage points year-on-year, stated NFSC in its recent report. 

Meanwhile, credit grew at lower rate than that of the first half of 2017, an increase of 6.5% compared to the end of 2017 and down 2.2 percentage points year-on-year. 

Outstanding loans in commerce, manufacturing, agriculture, forestry and fishery sectors were kept at a stable rate, while consumer lending witnessed strong growth compared to the end of 2017. 

Moreover, the inter-bank rates remained low, of which the overnight, one-week, and one-month rates as of June 25 stood at 1%, 1% and 1.6%, respectively, down 0.7 - 0.8 percentage points compared to the previous month and down 1.6 - 2 percentage points year-on-year.

VND mobilizing interest rates also was also stable, reaching 4.2% - 8% per annum (p.a), while the average mobilizing interest rates was around 5.2%. VND lending rate of credit institutions for borrowers was 7% - 11% p.a, and that of USD was 2.4 % - 7% p.a (the average lending rate was 8.8% p.a). 

In particular, a number of banks decreased the VND lending rate by 0.5 percentage points p.a for priority fields and customers with good credit ratings. 

On the foreign exchange market, the SBV increased the central rate for the VND/USD exchange rate at VND22,655 as of June 28, up 0.27% compared to the previous month and 1.07% to the beginning of the year. Concurrently, the USD/VND exchange rate quoted by commercial banks stood at VND22,965, up 0.7% month-on-month and 1.1% compared to the beginning of the year. 

The selling price of USD in the free market increased by 0.96% in June and 1.63% compared to the beginning of the year. 
Nguyen Tung
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