Central national bank waco

Hanoi (VNA) - The State Bank of Vietnam (SBV) on September 30 announced its decision to lower the benchmark interest rate as part of efforts to support the national economy amid difficulties posed by the COVID-19 pandemic. From October 1, the refinancing interest rate will be cut to 4 percent per annum from 4.5 percent, while the rediscount interest rate will go down to 2.5 percent from 3 percent. The overnight electronic interbank rate and rate of loans to offset capital shortage in clearance between the SBV and credit institutions will be lowered to 5 percent per annum from 5.5 percent. The central bank also decided to cut the interest rate of bids of valuable papers through open market operations from 3 percent per annum to 2.5 percent. Regarding the maximum interest rate for deposits in Vietnam dong (VND) by organisations and individuals at credit institutions and foreign bank branches, the SBV stipulates that the maximum interest rate applicable to demand deposits and those … [Read more...] about Central bank further cuts benchmark interest rate to aid economy

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on November 16 presented the State President’s decision to appoint Nguyen Thi Hong as the Governor of the State Bank of Vietnam (SBV). At the event, PM Phuc highly valued the SBV’s proactive, drastic and timely actions to assist people and businesses hit by the COVID-19 pandemic such as debt repayment deadline extension, interest reduction, and fee exemption. He asked the new governor to build on her predecessors’ achievements and lead the banking sector to fulfill its duties. The SBV needs to push ahead with efforts to ensure the control of inflation, macro-economic stability, and stable value of the domestic currency. It also has to increase inspection to guarantee the banking system’s safety, curb the increase of non-performing loans (NPLs), address the existing NPLs, and apply modern technology to develop banking products and services. For her part, Hong thanked leaders of the Party, State, National … [Read more...] about Appointment decision presented to new governor of central bank

Having a plentiful supply of foreign currency has helped the SBV continue to acquire more of it, and the nation’s foreign exchange reserves has moved closer to the central bank’s target of $100 billion. Increasing foreign exchange reserves also contributes to maintaining exchange rate stability, the SSI report says. … [Read more...] about Central bank buys $1.3 bln in foreign currencies

Notably, loans to borrowers in several regulated fields and economic sectors have been cut to 4.5 per cent per annum from 5 per cent. The maximum short-term lending interest rate in đồng at people’s credit funds and microfinance organisations for these capital needs is now down from 6 per cent per annum to 5.5 per cent. — VNS … [Read more...] about Central bank cuts interest rate to aid economy

PM Phúc asked the sector to do more to expand the coverage of universal health insurance and health insurance payments, and take care of policy beneficiaries such as the poor, people in difficult circumstances, and those with meritorious services to the country, towards ensuring that all people can get initial health care services. … [Read more...] about Appointment decisions handed over to new health, science and technology ministers & central bank governor