Credit growth rate in the first eight months of 2017 has been estimated at 11.5 per cent compared to the end of 2016, the National Financial Supervisory Commission (NFSC) reported. Source: National Financial Supervisory Commission. As per the report, this figure is 1.3 percentage points higher than the first eight months of 2016. Short-term loans rose by 14.1 per cent, accounting for 45.9 per cent of total outstanding loans, while medium- and long-term lending grew by 8.8 per cent, making up 54.1 per cent, the NFSC report said. The proportion of credit in dong in total outstanding loans rose by 11 percentage points to 91 per cent. Notably, the credit in foreign currency jumped by 11.5 per cent compared to the same period last year. In 2016, the growth rate of foreign currency credits in the first eight months was only 1.7 per cent. From January to August, the banking system’s deposit growth rate was 9 per cent; the figure in the corresponding period last year was 11.4 per cent. In terms of interest rates, the State Bank of Viet Nam (SBV) said the average interest rates for short-term loans stood at 6.8 to 9 per cent per year, and… Read full this story
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