Deposits of residents unexpectedly decline in July

12-Oct-2019 Intellasia | Tri Thuc Tre | 6:02 AM Print This Post

According to the newly updated data of the State Bank of Vietnam (SBV), by the end of July 2019, the total means of payments reached 9,860 trillion dong, up by 7.04 percent over the beginning of the year. In particular, the total amount of capital mobilised from residents and economic organisations was 8,248 trillion dong, and the issuance of valuable papers reached 1,612 trillion dong.

Notably, the residential deposits in the banking system by the end of July were just slightly above 4,710 trillion dong, lower than the 4,720 trillion dong recorded in the end of June. This is quite a rare occurrence because unlike the deposits of economic organisations, deposits of residents often have a fairly continuous and stable growth. However, since the reduction in July was fairly light (down by 13.842 trillion dong, equivalent to a 1.4 percent decrease) and is probably due to seasonal factor, it is not yet worrying. Moreover, there was also similar decline of 43 trillion dong in July 2018, equivalent to one percent.

Meanwhile, the deposits of businesses in the banking system continued to increase by 3,500 trillion dong. Compared to the beginning of the year, deposits of residents have increased by 7.64 percent and deposits of businesses have increased by 5.89 percent.

According to information given at the press conference in the third quarter 2019 of the SBV, as of September 24th 2019, the total means of payment rose up by 8.58 percent, and mobilisation rose up by 9.03 percent compared to the end of 2018.

 


Category: Finance, Vietnam

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