Total means of payment up 25.3% in 2010

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Nhân dân English - 43 month(s) ago 5 readings

Nhan Dan – Total means of payment in 2010 is estimated to have increased by 25.3% against 2009, according to the State Bank of Vietnam (SBV).

The total growth rate of banking credit in 2010 was 29.8%, of which credit in Vietnamese dong (VND) was up 25.3%; and credit in foreign currency rose by 49.3%. The total amount of capital mobilised by commercial banks this year was up 24.5% over 2009.

In implementing negotiable interest rates and flexible monetary management required by the SBV, commercial banks reduced their lending and deposit rates for VND. Currently, VND deposit rates offered by the banks are 14% per year or lower, while the average lending rate for VND stands at 15.27%. Lending and deposit rates for US$ have increased around 0.5% per year against late 2009. The average US$ deposit rate is currently 4.08% per year while the average lending rate stands at 6.26% per year.

The foreign currency and gold markets have seen a gradual stabilisation with the supply of foreign currency increasing considerably and the changes in exchange rate being conducive to encouraging exports and contributing to limiting the trade deficit and improving the international trade balance.

As of December 15, the inter-bank average VND/US$ exchange rate increased by 5.52% and VND/US$ trading exchange rates offered by commercial banks were up 5.53% against late 2009.

The gap between the world and domestic gold prices narrowed.

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