VN PM urges lower in­ter­est rates

The Phnom Penh Post - - BUSINESS -

THE Viet­namese govern­ment has in­structed its cor­re­spond­ing ad­min­is­tra­tive author­i­ties to aim for a 0.5 per­cent de­crease in lend­ing in­ter­est rates from now un­til the end of 2017, while keep­ing taxes, f e e s a n d o t h e r c h a r g e s un­changed, in or­der to pro­pel the cur­rent dis­burse­ment rate in pub­lic spend­ing and boost busi­nesses’ pro­duc­tiv­ity.

Un­der Res­o­lu­tion 84/NQ-CP is­sued last week, Prime Min­is­ter Nguyen Xuan Phuc signed the re­quest for the State Bank of Viet­nam (SBV ) to take the ini­tia­tive in mon­i­tor­ing the money sup­ply and gen­eral mon­e­tary pol­icy to suit the ac­tu­al­ity of the coun­try’s macroe­co­nomic flows based on in­fla­tion rates and the money mar­ket.

At present, the prime min­is­ter has asked the SBV to strive for both a 0.5 per­cent in­ter­est rate re­duc­tion and a 21 to 22 per­cent an­nual credit growth rate for 2017.

Si­mul­ta­ne­ously, the Min­istry of Plan­ning and In­vest­ment (MPI), Min­istry of Fi­nance (MoF), and other cen­tral and lo­cal de­part­ments or agen­cies will shift their fo­cus to ac­cel­er­at­ing the dis­burse­ment rates for pub­lic in­vest­ment, as stated in Res­o­lu­tion 70/NQ-CP.

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