Deputy Governor Dao Minh Tu of the SBV said that as the liquidity of the banking system is currently abundant and banks do not lack capital, commercial banks are not allowed to raise interest rates, even mobilizing interest rates. If necessary, the SBV will adjust the benchmark interest rate, thereby indirectly helping banks to lower interest rates to support enterprises during the Covid-19 outbreak. He also noted that the whole banking system needs to ensure activities to happen normally. Commercial banks need to implement solutions, such as restructuring debts, outstanding loans, and repayment period and considering to lower interest rate. Currently, several banks have joined in helping enterprises affected by the Covid-19. Vietcombank cut interest rate by 1-1.5 percent per annum for credit outstanding balance in Vietnamese dong, depending on term; by 0.5-0.75 percent per annum for credit outstanding balance in US dollar; by 1 percent per annum for new loans in Vietnamese dong and by 0.5 percent per annum for new loans in US dollar. VietinBank offered interest rates at 6.8 percent per annum for some sectors besides an interest rate of 6 percent per annum for prioritized sectors. Agribank gave preferential interest rate at about 6 percent per… Read full this story
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