Central bank says to keep borrowing costs stable in second half of 2015

By Thu Hang, Thanh Nien News

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 Interest rates are 6-9 percent for short-term loans. Photo: Ngoc Thang
The State Bank of Vietnam will keep interest rates on loans stable so the country can post a credit growth of between 13 and 15 percent this year, an official said. 
The bank's deputy governor Nguyen Thi Hong told the press on Tuesday that Vietnam's economy has been showing positive signs, with the economy growing 6.03 percent in the first quarter and inflation remaining low. 
Interest rates will be stable, Hong said.
Lending rates in Vietnam generally decreased over the first six months, down 20-50 basis points from the end of last year, according to the deputy governor.
Currently, interest rates are 6-9 percent a year for short-term loans, and 9-11 percent for mid- and long-term borrowings.
Asked about recent increases in interest rates at a few commercial banks, Hong said those banks previously lowered their rates, and now brought them back to the same level as other banks'.
As of June 15, loans by Vietnam's banks grew by 5.78 percent from last year end, and by 18.98 percent year on year, the central bank reported.

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