Banks asked to cut lending rates for central region
  • | laodong, | October 24, 2020 08:03 AM
The State Bank of Vietnam has asked local banks to reduce lending rates for customers in the central region to help them settle down their lives after the floods.


Flooding in the central region

The governor of the State Bank of Vietnam on October 23 sent official documents to all credit institutions and foreign banks' branches and the branches of the SBV in the central region such as Ha Tinh, Quang Binh, Quang Tri, Thua Thien-Hue, Danang and Dak Lak.

From October 6 to 21, heavy rain and flooding in the central region and the Central Highlands have resulted in severe flooding and landslides. Many people died and houses destroyed in the flood and landslides. The situation will continue in the coming weeks.

In order to support local people, the State Bank of Vietnam has issued the orders banks to review the damage caused to their customers and have suitable support policies like extending the deadlines or reducing lending rates.

The branches of the State Bank of Vietnam across Vietnam must update the information about the weather and flooding to review the outstanding loans that are damaged by flooding and landslides.

Credit institutions must tighten measures to protect both their assets and personnel. The banks should report back the results of the implementation and support services. They will later submit detailed reports about outstanding loans and the number of affected customers, the number of customers they supported and the implemented solutions.

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