Prime Minister Nguyễn Xuân Phúc on Wednesday told the State Bank of Việt Nam (SBV) to take measures to ensure macro-economic stability, inflation control and growth in 2019.
The State Bank of Việt Nam (SBV)’s exchange rate policy was aimed at ensuring macroeconomic stability, not just export growth, said Nguyễn Thị Hồng, the bank’s deputy governor.
State Bank of Việt Nam (SBV) made a net cash injection of VNĐ18 trillion (US$792 million) into the economy in the past week.
In contrast to Vietcombank’s move to cut deposit interest rate a week ago, two other large State-owned commercial banks -- Vietinbank and BIDV -- this week announced they were raising the rate.
Inter-bank lending interest rates have continuously slipped to hit a new record low, according to the latest monetary report by Saigon Securities Incorporation’s (SSI) Retail Research.
Despite good liquidity in the banking system, the peculiarities in Việt Nam’s monetary policy management has prevented the decline of interest rates on deposits, a central economic report said.
The coupon for State Bank of Việt Nam’s 14-day treasury bills hit a one-year record high of 3 per cent on November 11.
Banking experts have expressed a great deal of scepticism at the government’s target to cut the average lending interest rate to some 5 per cent.
Following the continuous decline over the past weeks, inter-bank rates across all tenors hit a record low, staying at below 1 per cent per year.