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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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At a press briefing on the afternoon of April 14, Pham Chi Quang, Director of the Monetary Policy Department, addressed questions about how commercial banks are implementing lending-rate reductions following a directive from the State Bank of Vietnam (SBV). He said that in Q1, the interest-rate level in Vietnam and globally saw some fluctuations.
According to Mr. Quang, based on close monitoring of market developments, the SBV has proactively used multiple policy tools to stabilize the interest-rate level in line with directions from the Government and the Prime Minister, thereby supporting economic activity. He noted that interest rates had recently risen fairly quickly, prompting the SBV to issue relevant directives.
Mr. Quang said that on April 1, the SBV Governor chaired a meeting with commercial banks. At the meeting, banks agreed to lower the interest-rate level. He added that credit institutions also clearly committed to continuing the reduction in lending rates to support enterprises and the economy in accordance with the Government’s direction.
Preliminary reports indicate that since the meeting, about 26 commercial banks have cut deposit rates, with the changes reflected at counters and through online channels such as mobile applications and internet banking. The adjustments mainly target tenors above six months.
Mr. Quang said the SBV hopes that, in the near future, the downward trend in deposit rates will help banks reduce input costs, creating conditions for further reductions in lending rates and thereby supporting people and enterprises.
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