State Bank vows to slash VND interest rates

10:51 AM @ Saturday - 12 June, 2010
The State Bank of Vietnam (SBV) will continue reducing deposit andlending interest rates in VND to around 10 percent and 12 percent perannum, respectively, said Deputy Governor Nguyen Dong Tien.

At a working session between the SBV, the Vietnam BankingAssociation and commercial banks’ general directors in Hanoi on June11, Tien said that the SBV will flexibly use monetary policies toassist commercial banks in cutting the interest rates and increasingliquidity for the economy.

Commercial banks’executives said they agreed with the Government’s policy on interestrates and were actively implementing this policy.

They also expressed their belief in the success of the policy given themacro-economic stability, the Government’s drastic instructions and theSBV’s assistance./.

(Source: http://en.vietnamplus.vn)
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