Credit is likely to reach the growth target of 5 - 6%

DNVN - Experts from SSI Research - SSI Securities Corporation forecast that credit growth can reach the growth target of 5 - 6% by the end of June 2024.

According to data from the State Bank, as of June 14, credit growth increased by 3.79% compared to the end of 2023. SSI Research experts assessed that this growth rate was more positive than at the end of May (2.41%) and credit growth could potentially reach the credit growth target of 5-6% by the end of June.

SSI Research's report also said that the liquidity of the system in the interbank market is stable. The State Bank maintained a net withdrawal status on the open market channel, with a total value of VND33.1 trillion.

Specifically, the trend of reducing liquidity is consistent with the increase in the issuance of credit notes (VND 30.7 trillion), while there is a number of maturity purchase contracts (VND 5.1 trillion).

System liquidity in the interbank market is stable.

Notably, the overnight interbank interest rate dropped to only 3.5% (down 100 basis points from the previous week) and the average daily trading value increased slightly to VND285 trillion/day. Exchange rate pressure gradually increased following the international trend and the interbank USD/VND exchange rate returned to the selling level at the State Bank. USD/VND trading was at VND25,450, up 0.2% last week.

Similarly, the listed exchange rates at commercial banks all increased to the ceiling of the band or in the free market exceeded the historical peak. The State Bank had to continue selling USD from foreign exchange reserves to provide foreign currency liquidity to the market.

From now until the end of the year, the State Bank will continue to direct and manage stable interest rates in the direction of gradually reducing the general interest rate level in the economy. At the same time, it will harmoniously manage interest rates and exchange rates in accordance with the market situation, macroeconomic developments and monetary policy objectives.

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Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/tin-dung-co-kha-nang-dat-muc-tieu-tang-truong-5-6/20240625095655525