Industry
insiders are weighing up smart ways to pull down bank interest rates in 2012.
The government just made public Resolution
03/NQ-CP guiding the State Bank to come up with measures which could help lower
bank interest rates in a suitable time.
“Though the consumer price index has been
eased in recent months, it would be hard to bring deposit rates to less than 10
per cent this year since the most important precondition for lowering interest
rates is banks’ liquidity which remains rather low,” said a state bank
director.
In fact after the traditional Lunar New Year,
banks have raced to roll out promotional campaigns and even overlooked state
ceiling deposit rate regulations to attract depositors. Hence, actual
mobilising rates have mounted to 18-19 per cent, per year against regulated
ceiling rates of 14 per cent, per year.
“The rates cannot go down unless the central
bank takes iron hand towards violators,” said the executive.
In respect to present bank system’s liquidity
situation, senior banking expert Nguyen Tri Hieu said: “When will bank rates be
eased is not predictable as banks incur liquidity tension even in the face of
high raising rates.”
Can Van Luc, senior expert for BIDV’s
Management Board, said it was essential to rein in inflation and improve bank
liquidity.
“Hence, central bank should continue
refinancing banks through open market operations and shortly restructure
underperformed banks, avoiding poor liquidity practices to afflict the whole
banking system,” he said.
State Bank chief Nguyen Van Binh, however,
held a positive view saying that banks’ rates could go down to 10 per cent, per
year by the year’s end if inflation was cut to 9-9.5 per cent.
Accordingly, the State Bank has set forth key
tasks for 2012 as ensuring bank liquidity, holding dong currency value and
easing lending rates.
“When the root of the problem was detected I
believe we could address it. Though the task is tough, with drastic actions by
the whole political system Vietnam’s economy could surpass this challenging
time successfully,” said Nguyen Duc Kien, National Assembly Economic Committee
deputy chairman.
In fact, some bigger players like Agribank,
BIDV and Vietcombank began to relax lending rates by one to two percentage
points. Accordingly, the lowest lending rates are reportedly 14.5-16 per cent
per year. Agribank honoured 14 per cent per year lending rate on a limited
number of agricultural produce exporters.
In a related development, some foreign banks
like ANZ and HSBC gave a warning Vietnam should not pull down bank rates or
loosen monetary policies since this could see inflation roar back.
Ha Tam | vir.com.vn
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