The fourth cut in a row of regulatory interest rates by the State Bank of Vietnam (SBV) has provided an opportunity for commercial banks to reduce interest rates, thus attracting borrowers.
Hanoi (VNA) – The fourth cut in a row of regulatoryinterest rates by the State Bank of Vietnam (SBV) has provided an opportunityfor commercial banks to reduce interest rates, thus attractingborrowers.
General Director of Eximbank Tran Tan Loc said the bank has still recorded creditgrowth in terms of short-term lending.
The demand for loans in the market is on the rise, he said.
According to SBV governor Nguyen Thi Hong, credit growth in the first months of 2023 remainedlimited but many sectors still have great demand of capital.
The demand for loans of production and manufacturing businesses has decreaseddue to a lack of orders, while the non-production sectors have the need toborrow to address liquidity problems.
Experts have quoted theforecasts of commercial banks as saying that the credit demand was low in thesecond quarter of 2023, and it is unlikely to increase sharply in thesecond half of the year because businesses are still facing manydifficulties, although lending interest rates have dropped significantly after central bank's three policy interest rate cuts from March to May.
According to the latest data of the SBV,the average lending interest rate for new loans is at 9.07% a year at present,down 0.9% compared to the end of last year.
Commercial banks have all lowered lending rates tostimulate investment and consumption demand, but the new interest rates aremainly applied to new loans. Only a few commercial banks (mainly state-ownedcommercial banks) reduce interest rates on existing loans./.
Though deposit interest rates listed at commercial banks have decreased rapidly after the State Bank of Vietnam's (SBV) policy rate cut, savings of individual customers have kept rising.
The State Bank of Vietnam (SBV) has decided to reduce regulatory interest rates from June 19, the fourth cut in a row since mid-March in efforts to aid economic recovery.
The State Bank of Vietnam (SBV) is cutting down a series of key interest rates by 0.25%-0.5% from June 19, which is expected to make a double impact on the economy thanks to stronger credit activities and higher liquidity.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
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Illustrative image (Photo: tapchitaichinh,vn) 
