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The State Bank of Vietnam (SBV) on October 27 issued a Decision No 2561/QD-NHNN on keeping the key interest rate of dong unchanged at 8 percent pa. The decision will take effect from November 1, 2010.
In the week from October 8 - 14, the interest rates in dong in the interbank market increased in most of the terms, while interest rates in US dollar tended to decrease.
The public in general are very much concerned since bank interest rates have not yet been lowered as directed by the government. The pressure to prepare the conditions for the implementation of Circular 13, which took effect from October 1, 2010 has put the capital and interest rate markets into more stressful situation, although the central bank has made some minor amendments.
The State Bank of Vietnam (SBV) issued Document No.7493/NHNN-CSTT on October 4 to require credit institutions to make reports on foreign currency-denominated loans and investment.
Credit is expected to increase in the fourth quarter of 2010, since the capital demand of firms goes up by business cycle at the end of the year. At the same time, the State Bank of Vietnam (SBV) said it is stepping up efforts to inject capital to commercial banks through open market operations (OMO) as directed by the government.
The State Bank of Vietnam (SBV) has submitted to the prime minister a report on ways to amend its Circular 13, but so far there are still many conflicting views regarding the ways to amend this circular.
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