HANOI, May 13 (Vietnam News/ANN) – The State Bank of Việt Nam on Tuesday decided to slash many rates by up to 0.5 percentage points for the second time in 30 days in a bid to get the economy back on track after the COVID-19 pandemic.
Under Decision No 918/QĐ-NHNN, the refinance rate was cut from five per cent per year to 4.5 per cent and the rediscount rate from 3.5 per cent to 3 per cent. In addition, overnight lending rates for electronic interbank payments and loans to offset capital shortages in clearance between the central bank and domestic banks were cut from 6 per cent to 5.5 per cent per year.
Central bank slashes rates to aid post-pandemic recovery - Economy - Vietnam News | Politics, Business, Economy, Society, Life, Sports - VietNam News Under Decision No 920/QĐ-NHNN, lending rates for economic sectors regulated in Circular No 39/2016/TT-NHNN were also reduced. The maximum lending rate for short-term loans in Vietnamesewas slashed from 5.5 per cent per year to 5 per cent, while the rate for short-term loans provided by public credit funds and micro-finance insitutions were cut from 6.5 per cent to 6 per cent.
On March 16, the State Bank of Việt Nam also cut a series of rates by up to 0.5 percentage points which took effect from March 17.
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