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Intellectual people
The Banco del Estado has just decided to drastically reduce a series of executive interest rates, of which the maximum interest rate for terms of 1 month to less than 6 months is approximately 4% per year.
In the context in which economic growth in the last 9 months reached 2.12%, inflation was controlled, an average of 3.85% in 9 months and to continue removing difficulties for the economy, the State Bank of Vietnam decided interest rate adjustment, effective as of October 1.
According to Resolution No. 1728 of the Banco del Estado, the refinancing interest rate decreased from 4.5% / year to 4% / year; rediscount interest rate from 3% / year to 2.5% / year; Overnight active interest rate in interbank electronic payment and loans to compensate for the shortage of capital in the State Bank’s compensation payment for banks from 5.5% / year to 5% / year.
Along with that, the Banco del Estado lowered the interest rate offered to buy valuable papers through the open market operation from 3% / year to 2.5% / year.
Tomorrow, October 1. The short-term deposit rate decreased to 4% / year (illustration)
In particular, the Banco del Estado also adjusts the maximum interest rate for deposits in VND (VND) of organizations and individuals in credit institutions, branches of foreign banks in accordance with the Circular. number 07.
Specifically, according to Resolution No. 1729, the maximum interest rate applicable to demand and term deposits of less than 1 month is 0.2% / year; the maximum interest rate applicable to term deposits from 1 month to less than 6 months decreased from 4.25% / year to 4% / year; The maximum interest rate applicable to term deposits from 1 month to less than 6 months in Popular Credit Funds, Microfinance Institutions decreased from 4.75% / year to 4.5% / year.
“The interest rate on deposits with a term of 6 months or more is established by credit institutions based on the supply – demand of the capital market,” said Banco del Estado.
According to Decision No. 1730, the maximum interest rate for short-term loans in VND of credit institutions for borrowers to meet the capital needs to serve some economic sectors and industries decreased from 5% per year to 4 ,5 year; The maximum interest rate for short-term loans in VND from the Popular Credit Fund and the Microfinance Organization for these capital needs decreased from 6% per year to 5.5% per year.
The State Bank also said that from the beginning of the year until now, monetary policy has operated synchronously to control inflation, stabilize the macroeconomy, the money market and reduce the market interest rate. and support the recovery of economic growth.
Earlier, at the press conference on banking information in the third quarter of 2020 on September 22, Ms. Nguyen Thi Hong, Deputy Governor of the State Bank, said: The State Bank will provide the maximum support to the bank. Reduce interest rates on loans.
“The State Bank has always been committed to fully meeting the capital needs of the economy. Earlier this year, when Covid-19 had not affected the economy, the credit growth target set by the State Bank was as follows. However, the pandemic has had a strong impact on all productive and commercial sectors, which has made the demand for loans from companies and individuals very low. Credit growth as of September 16, 2020 increased only 4,81 % compared to the end of 2019, “said Ms Hong.
In recent times, the Banco del Estado has lowered the credit margin for a series of credit institutions that need and have a credit growth potential above the limit approved at the beginning of the year. In the near future, any credit institution that wishes to adjust the limits of credit growth, the State Bank will continue to consider in the spirit of both facilitating credit institutions to extend credit to people, business, but still must follow the principles of ensure safety and efficiency.
Faced with the tendency of many banks to simultaneously reduce deposit rates, Ms Hong said: “In terms of policy, the State Bank wants and will try to continue to reduce the level of the interest rate on loans. So Therefore, in operation, we will regulate liquidity to create the most favorable conditions for credit institutions, ready to grant refinancing loans, if credit institutions have the need to ensure that credit institutions have resources cheap capital so that they businesses and individuals can borrow. “
The representative of the State Bank also stated that he would support credit institutions to reduce costs and instruct credit institutions to continue balancing their financial resources, saving costs, including salary and bonus. , pay cash dividends, to have cheap capital to support borrowers.
An Ha
