The State Bank of Vietnam (SBV) yesterday
issued a new circular, imposing a 15 per cent cap on lending interest rates for
four preferential sectors, starting next Tuesday, May 8.
Specifically,
the circular stipulates that the maximum interest rate slapped on short-term
loans in Vietnamese dong will be equal to the maximum deposit interest rate as
required by SBV for terms from one month and above plus 3 percentage points a
year.
With
the ceiling for deposit interest rate currently standing at 12 per cent a year,
the limit to the lending rate will be 15 per cent a year, the central bank
said.
Beneficiaries
of the lowered rates include businesses operating in the supporting industry,
exporting and agriculture sectors, and small- and medium-sized enterprises.
“The
administrative solution of setting the ceiling rate has been considered
thoroughly and is only applied in a particular context for a particular time,”
said SBV deputy governor Nguyen Dong Tien.
“Borrowers
operating in the preferential sectors are also required to meet certain
conditions such as business effectiveness and repayment ability to access
loans.”
Tien
also told newswire VnExpress that the central bank will try its best to curb
the phenomenon of breaching the ceiling rate.
“Yet
it’s hard to confirm that there will be no violations,” he admitted.
In
related development, the central bank yesterday delayed the ban on gold
mobilization at credit instructions by 7 more months.
Earlier
it was scheduled that banks are no longer allowed to accept gold deposit as of
May 1.
“The
extension is released given the current context of the economy and market
fluctuation,” said Tien.
Tuoi
Tre
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