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SBV: Demand stimulus funds aren’t flowing into stocks
The State Bank of Vietnam (SBV) has denied the opinion that money from the interest rate subsidy programme has been used for wrong purposes or going to the stock market, while affirming that banks have been controlling the loans well.
Director of the Monetary Statistics and Forecasting Department under SBV Nguyen Huu Nghia affirmed that no big cash volume from the demand stimulus package has flown into the stock market.
Nghia said that the policy on fighting economic downturn and stimulating economic growth through subsidising lending interest rates was a correct policy.
Loaning still within safety line
According to the Credit Department under SBV, by May 28, 2009, total outstanding loans under the interest rate subsidy programme had reached 319,075 billion dong, or 22 percent of total outstanding loans. Since the interest rate subsidy programme was initiated, outstanding loans of credit institutions have been increasing rapidly every month.
By the end of May 2009, the total mobilised capital of the banking system had increased by 13 percent (the figure was 6.1 percent the same period of last year), while total outstanding loans to the national economy had reached 15 percent (17.7 percent).
Nghia said that though credit growth in the last five months was lower than during the same period of last year, the figures should be seen as encouraging in the context of the economic downturn.
Regarding the loans to fund securities and real estate investments, statistics show that securities loans by the end of April 2009 had reached 7,157 billion dong, up by 4 percent over the end of 2008, equal to 0.5 percent of total outstanding loans and 4.4 percent of the chartered capital of commercial banks. Meanwhile, banks are allowed to give securities loans with the value equal to 20 percent of banks’ chartered capital at maximum.
By the end of April 2009, the outstanding loans to the real estate sector had reached 148,451 billion dong, a decrease of nearly 12 percent in comparison with the end of 2008, equal to 10.5 percent of total outstanding loans.
As such, total outstanding loans to fund securities and real estate investments had reached 155,608 billion dong by the end of April 2009, or 11 percent of total outstanding loans (The ratio was 13.7 percent at the end of 2008).
VietNamNet, TBKTVN
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