OMO rates cut dang nhap w88 support growth

The move is aimed at supporting economic growth as it will contribute dang nhap w88 reducing the cost of funding for commercial banks, thereby helping them cut lending rates for domestic firms.

Accordingly, OMO rates were lowered by 25 basis points dang nhap w88 4.75 percent per annum. The last cut was made in March 2014 when the rate was trimmed by 50 basis points dang nhap w88 5 percent.

Previously, at a meeting of the banking industry last week, Governor of SBV Le Minh Hung also said that after the meeting, the central bank would issue Resolution 01 on implementing tasks of the banking sector in 2018, in which it would instruct credit institutions dang nhap w88 consider a rate cut for lending interest. He said the central bank would also cut the lending rate in the OMO market dang nhap w88 aid institutions.

According dang nhap w88 experts, the move will have positive impacts on the monetary market, especially when capital demand is rising significantly dang nhap w88 meet consumption and payments given the approachingLunar New Year.

Some commercial banks such as Vietcombank, Agribank and Vietinbank have also announced reductions in their lending interest rates over the past few days, as instructed by the central bank, dang nhap w88 spur economic growth.Accordingly, interest rates for short-term dongloans will be lowered dang nhap w88 6 percent per year.
Apart from new loans taken this year, the rate would also apply dang nhap w88 existing loans with interest rates higher than 6 percent in five priority sectors of agriculture businesses, firms producing goods for export, small- and medium-sized enterprises, enterprises operating in auxiliary industries and hi-tech enterprises, including startups.

In 2018, the Government aims at an economic growth of 6.7 percent after the local economy expanded by a higher-than-expected 6.81 percent in 2017. Credit growth is set at 17 percent, slowing from 18.17 percent last year. However, the central bank said it will closely monitor the market dang nhap w88 make suitable adjustments from time dang nhap w88 time.