First bank to slash lending interest rates

The Bank for Investment and Development of Vietnam (BIDV) announced on July 8 that it will lower lending interest rates and ensure a sufficient supply of foreign currencies.

The announcement made BIDV the first commercial bank in the country to reduce lending interest rate, which has so far reached a ceiling level of 21 percent, in response to the Government’s appeal.

BIDV Management Board Chairman Tran Bac Ha told a press briefing in Hanoi that his bank’s move is in response to the call by the Government and the State Bank of Vietnam (SBV) to ease difficulties for businesses and help curb inflation and stabilise the macro economy.

BIDV’s interest rate reduction programme will begin on July 9, under which the rates on lending in Vietnam dong will decrease by 0.2-0.6 percent and those on foreign currencies by 2 percent.

BIDV has actively participated in the monetary market, playing a leading role in stabilising exchange rates in the forex market as instructed by the SBV, Ha also said.

VNA

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