Credit growth reaches 28pct, indirect capital surges

State Bank of Vietnam has reported that the credit provision to the economy in Q3 surged about 28 percent from the last year end, closer to the limited level of 30 percent for 2009.

Also, the banking system’s capital mobilisation till late Q3 is estimated to jump 22.45 percent against last December and total general payment mean grew by 21.69 percent.

Regarding the interest rate movement, the Central Bank said that the deposit and lending rate band of credit institutions still was fairly sustainable. In which, the dong lending rate was common at 9.5-10.5 percent pa and the subsidised lending rate was 4.5-6 percent pa. Particularly, the lending rate through credit cards stood at 12-16 percent pa, US dollar lending rate was up 0.5-1 percent to around 3.5-7.5 percent/year.

The interbank US dollar/dong forex rate changed slightly to 16,991 dong per US dollar on September 30, rising by 0.08 percent from 2008 end and the trading forex rate of commercial banks was always under the allowable ceiling level.

 

Category: Finance