At the Banking Industry Information Disclosure Conference on January 8, the State Bank said that by the end of 2023, there would be more than 13.5 million billion VND of idle money of people and businesses deposited at banks, an increase of 14% compared to 2022.
This increase sets a record high in a decade, while current deposit interest rates of banks continue to decrease.
Currently, bank savings interest rates are at or below 6%, and even for short terms, interest rates are at record lows.
Many experts have explained that the sudden increase in people's deposits is because in 2023, investment channels are gloomy, many investment channels such as real estate, bonds... still have many risks.
By the end of December 2023, the economy's credit growth will reach 13.7% compared to the end of 2022.
Speaking at the conference, Prime Minister Pham Minh Chinh emphasized that banks are the lifeblood of the economy; banks are national, scientific and popular.
The Prime Minister expressed his joy that in 2023, in the context of many difficulties, people still deposited 13.5 million billion VND into the banking system, showing that people's lives have improved and people trust the Party, the State and the banking system.
The Prime Minister acknowledged, highly appreciated and commended the efforts, determination and achievements of the banking sector in 2023, making an important contribution to the overall achievements of the country in the context of many difficulties and challenges. In 2023, the socio-economic situation of our country continued to recover positively, each month was better than the previous month, each quarter was higher than the previous quarter, achieving the overall set goals.
Emphasizing the outstanding results of banking activities in 2023, the Prime Minister stated that the State Bank has made important contributions to the Government's goals of stabilizing the macro economy, controlling inflation, ensuring major balances, and stabilizing the foreign exchange market and exchange rates.
However, in addition to the achieved results, the management of monetary policy and banking activities still have limitations, shortcomings and continue to face many difficulties and challenges. The Prime Minister said that the banking industry needs to make more efforts in closely following and grasping the situation, responding to policies promptly and at the right time; banking activities accept risks but need to pay more attention to risk control tools; coordinate better with ministries and branches; understand and share more with businesses and people in difficult times; and pay more attention to inspection and supervision.
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