The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50% for local banks.
VOV.VN - Despite banks making moves to lower annual interest rates by up to 1.5% whilst simultaneously offering a range of support packages, many businesses have no need for loans in the current climate due to the consumption market facing plenty of difficulties.
The State Bank of Vietnam (SBV) has said it is ready to intervene in the market when the intervention rate is lower than the current listed exchange rate on a large scale by spot or forward transactions to stabilise the foreign exchange market and the macro-economy.
The State Bank of Vietnam (SBV) will cut its policy rates starting from March 17 in an attempt to support the economy which has been hurt by the COVID-19 outbreak.
The State Bank of Vietnam (SBV) is to make decision soon on cutting the prime interest rate, the bank’s Deputy Governor Dao Minh Tu said at a meeting on March 12.
The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies.
The Government has decided to allow Vietcombank and Vietinbank to increase their charter capital by 10 trillion VND (434.8 million USD) in the first quarter of this year, Deputy Prime Minister Vuong Dinh Hue said last month.
The State Bank of Vietnam (SBV) has announced it would remove regulations limiting foreign ownership in local intermediary payment firms from its draft Decree No 101.
In response to the State Bank of Vietnam (SBV)’s appeal, a number of credit institutions have announced plans to support businesses affected by the novel coronavirus (nCoV) epidemic.
The State Bank of Vietnam (SBV) was recently invited to become a member of the Bank for International Settlements (BIS), showing the BIS’s recognition of Vietnam’s socio-economic achievements as well as the SBV’s attainments in steering the monetary policy and managing the banking system.
Property industry insiders said the State Bank of Vietnam’s decision to tighten credit would mean pain in the short term for developers but help the sector develop sustainably over the long term.
Commercial banks operating in the country have been asked not to increase their interest rates, including deposit rates, while the central bank stands ready to provide liquidity support for banks affected by the fast spreading coronavirus.
After a long period of stability, pressure from global markets has caused the Vietnamese dong to depreciate significantly against the US dollar in the past few days.
The Government has finally announced a roadmap to increase charter capital for large State-owned banks in the first quarter of this year.
After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.
Vietnam would continue to pursue a flexible monetary policy and affirms it has no intention of seeking unfair trade gains.
The increasing inflow of remittances ahead of the Lunar New Year has replenished the liquidity of the banking system, thus resulting in a steep fall in the interbank interest rates in January, according to insiders.
The State Bank of Vietnam (SBV) said it will continue coordinating with concerned Vietnamese ministries and agencies to communicate with the US regarding the US Department of Treasury’s latest report on macroeconomic and foreign exchange policies of major trading partners of the US.
The State Bank of Vietnam (SBV) has been invited to become a member of the Bank for International Settlements (BIS), the first expansion of the prestigious international financial institution's central bank membership base since 2011.
The Government supports the policy of allowing four State-owned banks to raise charter capital, said Governor of the State Bank of Vietnam (SBV) Le Minh Hung.