Monday, October 22 2018

VietNamNews

Central bank net withdraws over $581m amid improved liquidity

Update: October, 03/2018 - 18:00
The State Bank of Việt Nam net withdrew over US$581.2 million last week. - Photo cafef.vn
Viet Nam News

HÀ NỘI — Liquidity in the banking system has improved in the past week, pushing the State Bank of Việt Nam to make a net withdrawal of over VNĐ13.6 trillion (US$581.2 million).

According to the latest monetary report by Bảo Việt Securities Company, the central bank issued bills worth VNĐ25.62 trillion last week.

The improved liquidity has also helped the interest rates of Vietnamese đồng loans in the inter-bank market decline for the past three consecutive weeks.

Accordingly, the rate for overnight đồng loans in the inter-bank market last week slid 0.31 percentage points against the previous week to 2.3 per cent per year. The rates for one-week and two-week loans also declined by 0.26 and 0.21 percentage points to 2.54 and 2.86 per cent, respectively.

Banks currently list the lending rate for individual and institutional borrowers at some 6-9 per cent per year for short-term loans, and 9-11 per cent for medium- and long-term loans.

For loans in priority sectors, including agriculture businesses, firms producing goods for export, small- and medium-sized enterprises, enterprises operating in auxiliary industries and hi-tech enterprises including startups, the lending interest rate is 6.5 per cent per year. — VNS

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