May sees stability on monetary market, up of economic investment

The mobilization interest rate in Vietnamese currency in May increased by 0.15-0.65% per year, standing at 7.3-8.88% per year.

Meanwhile, the offered interest rate remained unchanged at 8.5-10.5% per year.

According to the State Bank of Việt Nam (SBV), the foreign currency market was stabilized last month.

The total means of payment was estimated to increase by 3.19% against April and up 14.55% compared with late 2008.

The total balance of bank deposits in May rose up 3.87% in comparison with April. The figures for Vietnamese and foreign currencies increased 4.6% and 1.33% respectively against late April.

Investment in economic activities also went up by 4.2% compared with late April, in which Vietnamese currency up 4.96% and foreign currencies 0.68% in the same period.

To control foreign exchange activities and stabilize the monetary market, the SBV has ordered State-run commercial banks to further cut down the mobilization and offered interest rates in foreign currencies.

Besides, the SBV has also exchanged foreign currency reserves among commercial banks in order to raise Vietnamese currency credits.

By Hoàng Nguyên