Tuesday,  Sep 25, 2018,10:01 (GMT+7) 0 0
Foreign currency loans rocket sixfold
The Saigon Times Daily
Friday,  Dec 22, 2017,12:00 (GMT+7)

Foreign currency loans rocket sixfold

The Saigon Times Daily

HCMC - Foreign currency loans in the year to end-November had surged 12%, six times higher than in the same period last year, local news site Infonet.vn cited a report of the National Financial Supervisory Commission as saying.

According to the report, total loans in the period expanded 2.8% against October and 15.3% versus early this year.

The rise resulted from import growth of a hefty 21% in the period, which fueled demand for foreign currency credit. The interest rate on U.S. dollar loans was 2.8-4.7%, way below 6.5-9% for loans in Vietnam dong currency.

The central bank is seeking comment on a draft circular which amends and supplements some provisions in Circular 24/2015/TT-NHNN that permits local banks and foreign bank branches to make foreign currency loans for businesses to meet the demand for payments until 2018.

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