Ha Noi (VNA) – The monetary market has remained stable and credit institutions have ensured the safety of their payment ability thanks to the management measures taken over the past two months, affirmed the State Bank of Viet Nam (SBV).

For the State commercial banks, the Bank for Foreign Trade of Viet Nam (Vietcombank) and the Mekong Housing Development Bank have abundant sources of available capital while the Bank for Investment and Development of Viet Nam (BIDV), the Bank for Agriculture and Rural Development (Agribank) and the Industrial and Commercial Bank of Viet Nam (Incombank) have enough capital for payment.

“All joint stock commercial banks remain capable of making payment,” emphasised the SBV. Meanwhile, branches of foreign banks in the country, joint venture banks and credit institutions have an excess amount of temporary mobilising capital.

To rein in inflation and price hike in 2008, the SBV has ordered the increase of an additional 1 percent in compulsory reserves and its key interest rates while controlling lendings for securities business and issuing 20.3 trillion VND in treasury bills.

In the meantime, the SBV continued buying foreign currencies to increase its reserves and providing temporary capital for credit institutions.

However, the SBV said, the deposit interest war among commercial banks continues to heat up these days due to the scarce supply of Vietnamese dong with some banks now offering interest rates of more than 12 percent per annum for deposits in Vietnamese dong.-Enditem