Banks urged to cut interest rates for epidemic-hit firms
The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies.
State Bank of Vietnam (SBV) headquarters in Hanoi. (Photo: VNA)
Hanoi (VNA) – TheState Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loaninterest rates for businesses affected by the acute respiratory disease caused by theSARS-CoV-2 (COVID-19) which is taking toll on the regionaleconomies.
In response to thegovernment’s appeal, the SBV requested the commercial banks to review theirborrowers and update how they are affected by the outbreak in order to providethem with necessary support.
The commercial banks wereasked to delay repayments, cut loan interest ratesand temporarily keep the affected borrowers in their current debt group. Thepolicies are applicable to all epidemic-affected loans with repayment duebetween January 23 and March 31, the central bank said.
They will be valid untilfurther notice from the SBV, it added.
To be eligible for the preferentialpolicies, borrowers must make inquiries to the banks who then review theirloans to assess the level of impact the epidemic has on them and their abilityto repay the debts after a new repayment schedule is issued.
The banks must report to the SBV on the implementation and outcomes of thepolicies on March 15 and 31.
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State Bank of Vietnam (SBV) headquarters in Hanoi. (Photo: VNA)
