3:24:33 PM | 1/10/2008
The Vietnam Banking Association (VNBA) Sept 26 issued a dispatch to call on member banks to reduce lending interest rates, Thoi Bao Kinh Te said.
VNBA voiced the rate cut after the State Bank of Vietnam decided to maintain base interest rate, but increase interest rates for compulsory reserve deposits from 3.6 per cent to 5 per cent per annum and allow banks to use compulsory bills issued in March to make collateral and discount at central bank.
Member banks, therefore, should cut lending interest rates to help ease burdens for businesses and borrowers, in order to implement the government’s target to curb inflation, stabilize macro economy and boost production, the association said.
VNBA also called for its members to study and make forecasts about markets to adjust deposit interest rates to help reduce lending interest rates. (Vietnam Economic Times)
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