HANOI, July 24 (Xinhua) -- The State Bank of Vietnam will manage interest rates in accordance with macroeconomic balance and inflation in the second half of 2024 to ensure macroeconomic stability and inflation control, Vietnam News cited the bank's deputy governor Dao Minh Tu on Wednesday.
The bank will continue to direct credit institutions to reduce operation costs to cut lending interest rates, he said.
He said the central bank was submitting to the government a proposal to lower lending interest rate for home buyers, who borrow from the 120 trillion Vietnamese dong (4.7 billion U.S. dollars) social housing credit package. The rate will be 3 percent lower than the rate for normal loans, compared to 2 percent currently.
The bank has also proposed that the loan interest rate will be adjusted every three months, instead of every six months as currently.
By June 28 this year, Vietnam's credit increased by 6 percent compared to the end of 2023, with focus on economic growth drivers, according to the central bank. ■