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SBV says will not print small banknotes for Tet
Thursday,  12/24/2020, 18:30 

SBV says will not print small banknotes for Tet

The Saigon Times

Stacks of small denomination banknotes. The State Bank of Vietnam (SBV) will not be printing low-denomination banknotes for the upcoming Tet - PHOTO: VNA

HCMC - The State Bank of Vietnam (SBV) will not be printing low-denomination banknotes for the upcoming Lunar New Year holiday, or Tet, said SBV deputy governor Dao Minh Tu.

At a press briefing on December 24 to discuss SBV’s performance in 2020 and plans for 2021, Tu said the decision to stop issuing new notes in low denominations in the past few years has helped save a cost of VND3.5 trillion, the local media reported.

As for the banking system’s performance this year, Tu informed that inflation would definitely remain below 4%. The foreign currency and gold markets as well as interest rates have been kept stable.

Moreover, the central bank has reduced the policy rates three times this year with a total reduction of 1.5%-2%, facilitating commercial banks to cut their lending rates by 1%-1.5%.

SBV will continue keeping interest rates stable, even low, if the economy is stable and Covid-19 is brought under control.

As of December 21, the credit growth stayed at 10.14% over 2019, and is expected to hit 11% for the whole year. The central bank set a credit growth rate target of 12% for next year.

Credit was mainly offered for agriculture and rural development and small and medium enterprises.

To support customers, credit institutions have extended debt payment deadlines for some 270,000 customers affected by the pandemic with a total outstanding loan of VND355 trillion, and reduced and exempted interest for nearly 590,000 customers with a combined outstanding loan of over VND1,000 trillion.

Credit institutions have offered loans worth VND2,300 trillion with interest rates that were 0.5-2.5% lower than the pre-pandemic rates for more than 390,000 customers.

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