Wednesday, April 01, 2020 5:53:03 PM - Markets open
VN-INDEX 680.23 +17.70/+2.67%
HNX-INDEX 95.61 +2.98/+3.21%
UPCOM-INDEX 48.63 +0.89/+1.86%
Interest rates stay steady til year end: SBV official
VietnamPlus - 9/18/2019 1:04:59 PM
 (0 ratings. You must sign in to rate.)
With a positive macroeconomic background at the moment, interest rates will basically stay steady until the end of the year due to excessive liquidity and proper credit growth, according to an official from the State Bank of Vietnam (SBV).
Central banks in many countries no longer pursuing tight monetary policies has eased the pressure on domestic interest rates, said Pham Thanh Ha, head of the SBV’s Monetary Policy Department.
The SBV’s recent cut of reference interest rates will allow credit institutions to access capital from the SBV at a lower cost and stablise their own rates, Ha said.
In the time ahead, the SBV will continue monitoring local macroeconomic trends and monetary market to flexibly employ monetary policy instruments, in order to control inflation, stablise the macroeconomy and support economic growth, he said, adding the central bank will maintain a 14-percent credit growth target for this year.
On September 16, the SBV cut several key interest rates by 0.25 percentage point to support economic growth. The rate cuts were the first by the SBV since October 2017.
Accordingly, the annual refinancing rate and rediscount rate were lowered from 6.25 percent to 6 percent, and from 4.25 percent to 4 percent, respectively.
The annual overnight electronic interbank rate and rate of loans to offset capital shortage in clearance between the central bank and domestic banks were also cut to 7 percent.
The interest rate of bids of valuable papers through open market operations was reduced from 4.75 percent to 4.5 percent.
According to the SBV, it previously took monetary policy measures to stabilise interest rates amid rising rates in the international market, which contributed to macroeconomic stability and supported growth at reasonable levels.
However, it has decided to make the new move as the global economy has become more volatile and less favourable, while central banks of many countries, including the US Federal Reserve (Fed) and the European Central Bank (ECB), have cut key interest rates.
The cut was made with the macroeconomy remaining stable, the economy expanding 6.76 percent in the first half of the year, inflation put under control, and the monetary and foreign exchange markets staying stable, the SBV said in the statement.
It is considered a reference for the market to follow suit. It would also be an effective measure to support liquidity for commercial banks, helping them cut input costs so as to ensure the stability of lending interest rates./.
Read original article here
Newer News
13:10 Reference exchange rate revised down on April 1
30/03 Reference exchange rate continues to go down at week’s beginning
27/03 Reference exchange rate continues going down
26/03 Reference exchange rate down 5 VND on March 26
26/03 Foreign currency market stabilised following central bank’s intervention
23/03 Reference exchange rate up for 7th consecutive day, rates at banks surge
19/03 Reference exchange rate continues going up
18/03 Reference exchange rate up 5 VND on March 18
17/03 Reference exchange rate up 5 VND on March 17
16/03 Reference exchange rate up 10 VND at week’s beginning
Older News
18/09 Reference exchange rate up on September 18
17/09 Reference exchange rate up on September 17
16/09 Reference exchange rate down at week’s beginning
14/09 VN central bank makes first key rate cut since 2017
13/09 Reference exchange rate down on September 13
12/09 Reference exchange rate up on September 12
11/09 Reference exchange rate down on September 11
10/09 Reference exchange rate up 3 VND on September 10
09/09 Reference exchange rate down at week’s beginning
08/09 Gold prices may flutter to the end of the year
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:03 PM
VN-INDEX 680.23 +17.70/+2.67%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.