The State Bank of Vietnam (SBV) has purchased USD9 billion so far this year, said Governor Nguyen Van Binh.
The official added that, during the period, the SBV pumped VND180 trillion (USD8.6 billion) into the market. In February, the bank poured over VND60 trillion (USD2.86 billion) into rural and agricultural development programmes.
| The SBV has purchased USD9 billion so far this year |
“This has helped to save many banks from the risk of bankruptcy through improving their liquidity,” Binh noted.
The SBV will cut deposit interest rate cap to 9% from the current 11% beginning June 11. This is the fourth time that the bank has slashed the rates since the beginning of this year.
The SBV will work together with ministries and agencies to set up a national debt trading company in order to settle around a VND100 trillion (USD4.76) billion in bad debt in the banking system. The SBV will also offer more capital for small and medium-sized enterprises. People who have real need for accommodation will also be able to receive bank loans, which is expected to help the frozen real estate market.
The deposit of the State Treasury of Vietnam at banks is estimated at around VND50 trillion (USD2.38 billion). If disbursed, the figure is expected to improve liquidity in the banking system.