The State Bank of Vietnam revealed recently that it would continue to keep bank lending interest rates unchanged from last year’s levels (Photo: vneconomy.vn)
Hanoi (VNA) - The State Bank of Vietnamrevealed recently that it would continue to keep bank lending interest ratesunchanged from last year’s levels.
But analysts think this will be a very difficulttask for the central bank since many factors are expected to impact the ratesthis year.
The first reason they mention is the imminentrise in the dollar after the US Federal Reserve increases interest rates anexpected three times this year as economic growth and inflation pick up.
They say interest rates on the dong always have a close correlationwith the value of the greenback.
The second reason is that Circular No.06, whichcaps the ratio of short-term funds that can be used for medium- and long-termloans, will reduce it from 60 percent to 50 percent this year.
This has forced banks to restructure theirfinances and increase interest rates on medium- and long-term deposits.
The hike in wages this year is likely to bringinflationary pressure on the economy.
In the event, some even predict lending interestrates to go up by 1-2 percentage points.
One of the measures the central bank isproposing is cutting deposit interest rates.
Many state-owned banks such as BIDV and Agribankhave started to lower the rates on deposits of one to five months by 0.2-0.3points.
Other lenders have also reduced the depositinterest rates, though by a more modest 0.05-0.1 points.
Sacombank has cut the rates on deposits of two and three months by 0.1 point to4.9 percent and 5.2 percent.
The Ministry of Planning and Investment seeks topush lending interest rates to under 5 percent by 2020, but many analysts aresceptical about this too.
They said the rates cannot be cut any furthersince current rates are rather low compared with the average deposit interestrates.
The interest rates are around 6-7 percent forpriority sectors for short-term loans and 9-10 percent for medium- andlong-term loans.
The rates for normal production and businessactivities are between 6.8 and 9 percent for short-term loans and 9.3 percentand 11 percent for medium- and long-term loans.-VNA
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The State Bank of Vietnam revealed recently that it would continue to keep bank lending interest rates unchanged from last year’s levels (Photo: vneconomy.vn) 
