Central bank buys US$4 billion of currencies in Q1
Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.
Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.
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A group of 16 commercial banks, accounting for 75% of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year.
With such a move, customers would now have another six months to recover their business operations.
The timing and adjustment of policy rates must be decided based on the actual situation.
Credit demand has been on the rise in the first half of the year and is set to maintain its growth momentum for the second six months.
As the pandemic continues to persist, stronger measures are needed to restructure debts and lower interest rates for customers.
By 2025, at least 50% of banking procedures and 70% of customers’ transactions are expected to take place in the cyber environment.
Credit pumping into real estate takes a large share in the total outstanding loans, following by corporate bonds and stock market.
Vietnam continues to work on ensuring sustainable and balanced trade relations with the US, Prime Minister Pham Minh Chinh has said.