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Bank liquidity up, central bank says
Vietnam’s central bank said liquidity in the banking system increased by 0.84 percent in August from a month earlier, as it raised the interest rate it pays to banks on their compulsory reserves.
The increase in liquidity was higher than the 0.6 gain in July, the State Bank of Vietnam said in the statement posted on its website Thursday, without giving a value.
On August 29, the central bank raised the interest rate it pays on mandatory reserves to 3.6 percent from 1.2 percent to make it easier for lenders to give loans to companies as economic growth slows.
The move may inject about US$210 million into the banking system, Ho Chi Minh City-based Dragon Capital estimated in a note issued Wednesday.
Total outstanding loans in August rose by 0.8 percent from a month earlier, or by 16.8 percent compared with the end of 2007, the State Bank’s statement said.
Dong and US dollar deposits in banks rose 0.94 percent last month, higher than a 0.3 percent increase in the same period a year earlier, according to the statement.
Vietnam’s central bank has increased the key interest rate three times this year to 14 percent, the highest in Asia, to cool the fastest inflation since at least 1992.
Thanhnien
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