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Home / Economy / Banking & Finance
SBV reported credit growth safe in first six months
By Bach Nhat 15:00, 2014/07/08
There is no need to worry about credit growth in foreign currencies in the first half of this year as the ratio of dollar loans versus mobilisation is within its safe threshold.

Head of the central bank's money policy department Nguyen Thi Hong made the confirmation to the local press on July 6.

Ministry of Planning and Investment statistics showed that credit in foreign currencies grew by 10.51%, while the growth of dong loans was only 0.68% as of June 20.

Hong listed three factors that are supposed to ensure the liquidity of foreign currencies, in a response to an earlier report of the National Financial Supervisory Council which said that credit in foreign currencies was bearing certain pressure.

Firstly, the dollar loans in May increased by 9.35% against the end of 2013, but increased by 1.34% only, year over year.

Secondly, taking into account all deposits and savings from domestic accounts and other capital sources, the ratio of dollar spending is only between 50% and 60%.

Thirdly, most of the dollar borrowers are companies which have shown proof of having dollar resources to repay the loan. Otherwise, dollar loans are only granted to companies in priority sectors such as exports, agriculture, hi-tech applied agribusiness and auxiliary industry.

The State Bank of Vietnam (SBV) reported that the overall credit growth in the first six months was 2.3%. The banking system now has six more months to achieve 12% credit growth by the end of the year.

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