The State Bank urges credit institutions to announce lending interest rates before April 1

The State Bank has just issued Official Dispatch No. 1628/NHNN-CSTT on announcing lending interest rates. In the official dispatch, the State Bank said that credit institutions have basically published information on lending interest rates under the direction of the Prime Minister and the State Bank.

The official dispatch clearly stated that, through reports of credit institutions and foreign bank branches as required in Official Dispatch No. 1117/NHNN-CSTT dated February 7, 2024 of the State Bank on reporting on the public situation, Interest rate announcement, up to now, credit institutions have basically published information on lending interest rates according to the direction of the Prime Minister and the State Bank.

However, some credit institutions are still in the process of announcing loan interest rates.

Therefore, in order to synchronously and effectively announce interest rates, the State Bank requires credit institutions to continue to announce average lending interest rates, deposit interest rate differences and Average loan interest rates, loan interest rates for credit programs, credit packages and other loan interest rates (if any) according to the direction of the Prime Minister in Official Dispatch No. 18/CD-TTg dated May 5/ March 2024 on managing credit growth in 2024, Announcement No. 527/TB-VPCP dated December 18, 2023 on the Prime Minister’s conclusions at the Conference on solutions to remove difficulties in credit growth for production and business, promoting growth and macroeconomic stability, and of the State Bank in Official Dispatch No. 9759/NHNN-TD dated December 21, 2023, Directive No. 01/CT-NHNN dated January 15, 2024 , Official Dispatch No. 1117/NHNN-CSTT dated February 7, 2024.

The State Bank requires credit institutions to continue to publish average lending interest rates, average deposit and loan interest rate differences, and lending interest rates for credit programs and credit packages. and other loan interest rates (if any) according to the direction of the Prime Minister in Official Dispatch No. 18/CD-TTg dated March 5, 2024

Official Dispatch No. 1628/NHNN-CSTT of the State Bank.

Credit institutions are solely responsible for the completeness, timeliness, and accuracy of information and data published on the credit institution’s website; Clearly explain the content of information and published data; Proactively receive, answer and handle problems from customers (if any). Credit institutions (Board of Directors, Executive Board, Supervisory Board, Compliance Department, Internal Audit Department and relevant functional departments of the credit institution) are responsible for regularly monitoring closely to ensure proper implementation of the directions of the Prime Minister and the State Bank.

The State Bank requires credit institutions to send the link of the Section announcing interest rates to the State Bank before April 1, 2024; In case a credit institution changes the link, it must update within 2 working days with the State Bank.

Previously, at the Conference to deploy the banking industry’s tasks in 2024, representatives of credit institutions found it difficult to publicize the average interest rates for corporate loans. Leaders of many banks have proposed that the State Bank consider only requiring commercial banks to disclose average lending interest rates to individual customers. However, State Bank leaders rejected this proposal.

Updated from the websites of commercial banks at 15 March 12, most credit institutions have just announced lending interest rates for individuals; Interest rates of credit programs, credit packages… Many banks have not publicized average lending interest rates; average deposit and loan interest rate difference.

According to the State Bank, in January 2024 the average VND deposit interest rate of domestic commercial banks was 0.2%/year for demand deposits and with terms of less than 1 month; 2.5-3.4%/year for deposits with terms from 1 month to less than 6 months; 5.7-6.1%/year for deposits with terms from 6 months to 12 months; 6.8-7.8%/year for deposits with terms from over 12 months to 24 months and 7.4%/year for terms over 24 months.

The interest rate on USD deposits of credit institutions is 0%/year for deposits of individuals and organizations.

The average lending interest rate of domestic commercial banks for new and old outstanding loans is 7.8-10.1%/year. The average short-term lending interest rate in VND for priority sectors is about 3.7%/year, lower than the maximum short-term lending interest rate as prescribed by the State Bank (4%/year).

The average USD lending interest rate of domestic commercial banks for new and old outstanding loans is 4.3 – 5.2%/year for short-term; 6.6 – 7.4%/year for medium and long term.

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