The State Bank of Vietnam (SBV)’s leaders on March 24 held an online meeting with representatives of 12 joint stock commercial banks on the implementation of measures to support businesses and people affected by the coronavirus disease (COVID-19).
Hanoi (VNA) – The State Bank ofVietnam (SBV)’s leaders on March 24 held an online meeting with representativesof 12 joint stock commercial banks on the implementation of measures to supportbusinesses and people affected by the coronavirus disease (COVID-19).
SBV Deputy Governor Dao Minh Tu said the central bank has instructedcommercial banks to delay, extend, and reschedule debt payments as well asreduce interest rates and fees for businesses, while providing new loans tohelp them overcome difficulties.
Besides, the State Bank has adjusted interestrates to support credit institutions with easier captial access.
On March 13, 2020, the SBV Governor issued Circular No. 01/2020/TT-NHNNdirecting credit institutions and foreign bank branches to restructure theirrepayment periods, waive and reduce interest rates and fees, and maintain debtclassifications in order to support customers affected by the Covid-19 pandemic(Circular 01).
To implement the circular, banks are required todevelop scenarios based on their activities, Tu said, adding that they should assesslosses of businesses and customers at present and in the short and medium terms,then report to the SBV’s relevant units for prompt support./.
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