Inflationary pressure remains big next year: SBV Governor
It is possible to keep the inflation under 4 percent this year but inflationary pressure is expected to be great next year, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong told the National Assembly’s Q&A session on November 12.
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong speaks at the National Assembly’s Q&A session on November 12. (Photo: VNA)
Hanoi (VNA) – It is possible to keep theinflation under 4 percent this year but inflationary pressure is expected to be great next year, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong told theNational Assembly’s Q&A session on November 12.
Since the outset of COVID-19 in Vietnam last year, theSBV has cut regulatory interest rates three times by 1.5 – 2 percent in total, Hong said,noting that this was a major cut compared to other regional countries.
The central bank has also requested domestic lenders toreduce interest rates on both new and old loans, she added. The lenders have slashedaround 30 trillion VND, or over 1.32 billion USD, in interest payment for customersaffected by the COVID-19.
She unveiled the SBV will instruct the banking system tofurther cut operation costs so as to make additional interest rate cuts andensure the security of the system in the coming time.
It will also actively coordinate with relevant ministriesand agencies to develop new support packages in the form of interest cuts for the affected, withmacro-economic stability, inflationary risks and safety risks to the bankingsystem taken into account, she said./.
From now until the end of the year, the State Bank of Vietnam will review and consider revising credit growth targets for credit institutions and priority is expected to be given to those that reduce loan interest rates.
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Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong speaks at the National Assembly’s Q&A session on November 12. (Photo: VNA)
