In recent times, the government and the state bank have issued policies to assist businesses and people and remove difficulties in the real estate and corporate bond markets, such as increasing the money supply, purchasing valuable papers, and continuously reducing interest rates on the open market from 6% to the current 5%.
In addition, the SBV has also bought a large amount of foreign currencies to increase foreign exchange reserves. Since the beginning of this year, it has reduced regulatory interest rates twice, while the interest rates for new loans have decreased by 0.6% compared to the end of 2022 and will be on a downward trend in the coming time.
The SBV’s permanent Deputy Governor Dao Minh Tu pointed to abnormally high lending interest rates in some banks such as KienlongBank, VPBank, and VietABank. He demanded those banks to explain the reason behind the high rates to the SBV within next week.
He also requested inspection and supervision agencies to closely monitor the interest rate situation of these banks.
