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Monetary market remains stable after petrol price hike
The State Bank of Vietnam (SBV) has early stop the rising trend in the VND/USD exchange rate, maintaining a stable monetary market by timely measures to defuse psychological pressure associated with the petrol price hike last week.
According to the SBV, foreign currency supply and demand gradually regained balance over the last week. The difference between USD/VND buying and selling rates stood at 70-100 dongs per USD. Commercial banks no longer request the SBV during the week.
State commercial banks, while keeping their annual deposit interest rates ranging from 17 percent – 18 percent (1 percent lower than the common rate of joint-stock commercial banks), have gained advantage by slashing lending interest rates in VND by between 0.5-1 percent per year and in USD by up to 2 percent per year.
Joint-stock commercial banks’ lending interest rate were still high, at 21 percent per year. However, the Export-Import Bank (Eximbank) decided to reduce its VND lending interest rate.
There was also no big change in the inter-banking interest rate, which fluctuated between 19-21 percent per year for over-night and one-month terms.
The SBV governor has instructed commercial banks to ensure liquidity supply for businesses, especially those in agricultural production and the import and export of essential goods.
VNA
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