Vietnam Money Supply Rises 20.83% since Early 2009
Vietnam saw the money supply in its economy jump by 20.83% since early 2009, according to the State Bank of Vietnam (SBV), the country’s central bank, on September 8.
The SBV governor decided in late August to raise the money supply for the economy by 30% this year.
Loans in August increased 1.75% from July, with loans denominated in Vietnamese Dong up 1.79% and loans in foreign currencies up 1.52%, the central bank said.
Deposits among banks in August were up 1.6% from July, rising 21.9% since the end of 2008.
Banks and financial companies in Vietnam had provided VND399.739 trillion (US$22.425 billion) in government-subsidized loans for the economy as of September 3, the central bank added.
Borrowing costs for VND during the month ranged 8.5%-10.5% per annum while lending rates in dollars were 3%-6% per year, the bank said. (Vietnam & World Report, Labor, SBV)
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