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Five commercial banks asked to cut lending interest rates

Update: March, 23/2012 - 12:20

Ha Noi – State Bank Governor Nguyen Van Binh officially asked five State-run commercial and joint-stock banks to slash their business costs between five and ten per cent while cutting their lending interest rates, said The State Bank of Viet Nam (SBV) on Thursday.

The banks include: Viet Nam Bank for Agriculture and Rural Development, Viet Nam Joint-stock Commercial Bank for Industry and Trade, the Bank for Foreign Trade of Viet Nam (Vietcombank), Bank for Investment and Development, and Mekong Housing Bank.

Governor Binh said cutting business costs and lending interest rates were among the key business operations for banks this year, adding that implementation of these measures would be used to evaluate performance of the banks' management boards.

The State Bank also requested these banks to report their specific measures and reduction levels to the State Bank and the Ministry of Finance prior to April 10.

Earlier, SBV decided to lower the annual interest rate ceiling by one per cent to 13 per cent. Overnight loan, discounting and refinancing interest rates stand at 15 per cent, 12 per cent and 14 per cent, respectively, 1 per cent lower than before. – VNS.

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