Credit growth reported at 9.06% in six months

He made the announcement at a teleconference to implement a National Assembly resolution on bad debt settlement and a plan on credit institution restructuring and bad debt settlement for 2016-2020.

Credit in the economy has increased rapidly and consistently month on month, which was not the case in previous years, he noted, adding that loans were mainly poured into production and business activities.

Hung said the central bank kept interest rates stable in the first half of 2017 despite high inflation in late 2016 and earlier this year.

As inflation is under control and the SBV is aimingto facilitate business activities, the bank ordered credit institutions to cut interest rates for short-term loans in prioritised fields by 0.5 % from July 10.

The prioritised fields are agricultural and rural development, exports, activities of small and medium-sized enterprises, development of support industries and high-tech companies.

Interest rates are at about 6–6.5%for short-term loans and 8–10% for medium and long-term loans, the Governor added.