Total money supply hits four-year record high

Tuesday, Apr 03, 2018 14:09

Credit growth of commercial banks as of March 20 was 2.23 per cent against December last year. — Photo

The money supply in the economy, as of March 20, increased 3.23 per cent against the end of 2017, the highest in four years, according to the General Statistics Office (GSO).

The rate of increase in the same period of 2017, 2016 and 2015 was 2.88 per cent, 3.08 per cent and 2.09 per cent, respectively.

GSO also reported that the credit growth of commercial banks in this period was 2.23 per cent against December last year.

In the same period, the rising rate of mobilised capital was almost equal to that of the credit growth, posting an expansion of 2.43 per cent, the GSO reported.

In the first quarter of the year, interest rates averaged 0.6 per cent to 1 per cent per year for non-term and one-month deposits, and 4.3 per cent to 5.5 per cent for one- to six-month deposits. The rate for six- to 12-month deposits was set at 5.3 per cent to 6.5 per cent, and 6.5 per cent to 7.3 per cent for deposits above 12 months.

Commercial banks also listed the short-term lending rates at 6 per cent to 6.5 per cent per year for prioritised industries and 6.8 per cent to 9 per cent for normal loans.

The rate applied for medium- and long-term loans was 9.3 per cent to 11 per cent. — VNS

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