Trang Chủ
Meanwhile, 50.3% of the total outstanding loans had interest rates of 13-15%, and 15% of them were levied 10-13% rates.
SBV has asked lenders to slash the interest rates for old loans to below 15%. So far, only 28 banks have issued guidelines and carried out lending rate cuts upon request of the central bank, said the Monetary Policy Department.
In its recent move, the department proposed that SBV summon the banks yet to do so to the central bank’s headquarters for working with the Banking Supervisory Agency and relevant departments.
According to the proposal, the aim of these meetings is to require commercial banks to “comply with SBV governor’s directive”.
As of July 27, loans with interest rates of more than 15% accounted for 32.8%, dipping by a half compared to before July 15, according to the reports of 35 credit institutions.
The percentage of outstanding loans with rates of above 15% at the four State-run banks Vietcombank, BIDV, Vietinbank and Agribank sharply dropped to 23%, versus 61% on July 12.
Meanwhile, at 14 commercial joint stock banks, the figure fell to 63%, down 13 percentage points against July 12. The proportion of loans with over-15% interest rates at 15 foreign bank branches averaged out at 8.8%.
Finance companies Prudential and PPF had also reduced interest rates for all loans to less than 15% by July 27.
The aforesaid 35 credit institutions are holding a combined 70.7% of the credit market shares, said the Monetary Policy Department.
At the Government press briefing on Tuesday, the Monetary Policy Department informed as of July 25, credits had inched up 0.57% from late 2011. Poor credit growth is the underlying cause of economic downturn in Vietnam
