As of late July, credit growth in the whole banking system increased by 3.68% against the end of 2013, according to the State Bank of Viet Nam (SBV).

The SBV announced the news at a meeting on the management of monetary policies and operation of banks in the first seven months of 2014.

Deposit and lending interest rates fell by 0.5-1.5% per year. Lending interest rates on prioritized fields was cut by 1% per year.

As of July 31, total means of payment increased by 7.36%. The value of capital mobilization went up 6.98% against the end of 2013. Liquidity of credit organization was ensured. The inter-banking system operated properly. 

In the rest of the year, the SBV will strive for the preset goal of 12-14% credit growth, contributing to extricating difficulties and promoting business, production; accelerating restructuring of credit organizations; handling non-performing loans and ensuring system safety./.

Source: Chinhphu.vn