Ha Noi (VNA) - State Bank of Viet Nam (SBV) executives have ruled out any changes in the interest rates till the end of the year amidst a trend towards increasing interest rates among the country's commercial banks.
Nguyen Danh Trong, Deputy Head of the Monetary Policy Department under the SBV, said at an internal meeting on August 24 that it is unreasonable for commercial banks to take the SBV’s adjustment of compulsory reserves ratios as a reason for increasing their interest rates.
The SBV has only increased the compulsory reserves ratios from five to 10 percent for savings deposits with terms shorter than 24 months while no reserve ratio is required for saving deposits with terms longer than 24 months.
“The decision aims to limit short-term savings deposits and encourage long-term savings in a move to ensure sustainability and security for loans,” the monetary expert said.
Trong said basic monetary targets enjoyed gains in August such as savings deposits increasing by 2 percent and loans disbursement by 2.02 percent.
The Vietnamese dong and dollar exchange rate in August increased by 0.7 percent compared to July and 1.21 percent from January.
The senior SBV official announced four major policies for the year's end, that include reducing the purchase of foreign currencies, adjusting the Vietnamese dong-US dollar exchange rates in order to promote exports, stablising interest rates and using professional tools to enable commercial banks to retrieve debts.-Enditem
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