Entire banking system’s credit growth as of Sep 12 at 8.63pct

The credit growth of Vietnam’s entire banking system as of September 12 was 8.63% from December 2010, the local newswire VnEconomy said on Monday.
In comparison with August 31, 2011, credit posted a fall of 0.48% and decreased 0.1% over September 9, 2011.

Total deposits as of September 12 increased 10.72% compared to December 31, 2010 (including valuable papers held by credit institutions). This figure was higher than the growth of 8.44% announced by the State Bank of Vietnam (SBV) as of August 19, 2011.

However, if comparing with August 31, 2011, the growth of deposits decreased 0.26% and declined 0.25% from September 9.

At the meeting with Hanoi-based credit institutions on September 15, many leaders of banks said that depositors were withdrawing money from banks from September 9 to 11. The reason was attributable to the central bank’s provisions on deposit interest rate cap of 14% per year.

Tags: Vietnam banking industry, Vietnam credit growth, Vietnam finance, Vietnam financial

Posted by VBN on Sep 20 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry