Lower interest rates on old loans to below 15%

From July 15, commercial banks must consider reducing lending rates for old loans, according to the direction of the Governor of the State Bank.

At the industry conference on the morning of July 7, Governor Nguyen Van Binh emphasized the above requirement at least three times.

He said that in the first 6 months of 2012, interest rates on deposits and loans have decreased rapidly and strongly. However, the low interest rates are currently mainly concentrated on new loans, while most old loans still have to bear quite high interest rates.

Faced with the above reality, the head of the State Bank requested that commercial banks prepare and issue directives to the entire system next week to focus on considering reducing lending interest rates for old loans from July 15.

Governor Binh requested that the State Bank branches in the provinces directly work with commercial banks in the area to implement the above orientation.

According to the Governor, interest rates on old loans (before the implementation of the lending interest rate ceiling mechanism) need to be reduced to at least 15%/year, striving to achieve low levels like the current level of new loans.

Next week, the State Bank will issue a document directing the implementation of specific contents.

Immediately after the Governor's directive, leaders of "big guys" such as the Bank for Foreign Trade of Vietnam (Vietcombank), the Bank for Agriculture and Rural Development of Vietnam (Agribank)... also stated that they will quickly implement it from next week.

According to VnEconomy