Benchmark interest rate cuts: Boosting production, stimulating stock market
The interest rate cut is considered an appropriate solution to lower interest rates, boost production, and support economic recovery.
Banks lower lending interest rates
After the State Bank of Vietnam (SBV) reduced the benchmark interest rate by an additional 0.5 percent, effective from May 25, many commercial banks have started lowering their lending rates.
Gold, stocks, dollar exchange rates at banks drop simultaneously
After the US Federal Reserve (FED) announced to raise the benchmark interest rate by 75 basis points, or 0.75 percentage points, to 3.75-4 percent per annum as expected, gold, stocks, and US dollars at banks fell on November 3. Only the US dollar price on the free market jumped sharply.
Banks offer preferential interest rates for enterprises affected by Covid-19
Amid the context that the outbreak of an acute respiratory disease caused by the novel coronavirus (Covid-19) is happening complicatedly, causing negative impacts on economic growth, the State Bank of Vietnam (SBV) ordered commercial banks not to increase interest rates, including mobilizing interest rates.