Total outstanding loans of the whole banking system as of December 21, 2011 were estimated to climb by 0.77% on-month and up 10.9% from end-2010.
Total outstanding loans of the whole banking system as of December 21, 2011 were estimated to climb by 0.77% on-month and up 10.9% from end-2010 while total deposits surged by 1.46% on-month, rising by 9.89% YoY, the State Bank of Vietnam (SBV) said on its December banking report on Jan 18, 2012.
Dong and dollar deposits in December, 2011 were reported to increase by 0.98% and 3.52% on month, respectively. Dong loans during the month inched up by 1.05% from November, while dollar ones declined by 0.17%.
Vietnam’s 2011 credit growth rate was much lower than the government’s revised target of 15-16% and also the lowest level in the history of the banking system
Domestic gold prices fluctuated in tandem with global ones. However, the local gold premium expanded from the previous month, up to VND2.5 million/tael as at Dec 27.
The dong deposit interest rates mostly hovered around 3-6% for under 1-month terms and 14% p.a. for other terms, while lending interest rates were 14.5-17% p.a. for agricultural producers and exporters (13.5% p.a. as the lowest), 22-25% p.a. for non production and 17-20% p.a. for others.
Dollar deposit interest rates ranged from 2% for individuals and 0.5% for economic organizations. Meanwhile, lending interest rates were mostly 6-7.5% p.a. for short terms; and 7.5-8% p.a. for medium and long terms.
Interbank interest rates were relatively stable in December, staying at 13-14% per annum for overnight, 15-16% p.a. for 1-week, 16-17% p.a. for 2-week and 17-17.5% p.a. for 1-month terms.
As of Dec 21, the country’s broadest measure of total money supply, or M2, edged up 2% MoM, yet up 9.27% from end-2010. Cash circulation was estimated to rise 5.52% on-month and 5.49% from last year.
In December, the central bank adjusted the interbank dollar exchange rates up 0.12% from November, up 10.01% from a year earlier, staying at VND20,028/USD and VND20,034/USD for bid and ask, respectively on Dec 26.
Also in the month, the State Bank of Vietnam (SBV) approves voluntary merger of three banks: Ficombank, TinNghiaBank and SCB with comprehensive support from BIDV.
Source Sophie/ StoxPlus
