An apartment building in the Nam Trung Yen Urban Area in Cau Giay district (Source: VNA) Hanoi (VNS/VNA) – The Ho Chi Minh Real Estate Association (HoREA) has suggested the State Bank of Vietnam (SBV) extend the application of regulations on banks’ maximum ratio of short-term funds used for medium- and long-term loans until the end of 2020. The HoREA also proposed the rate should be reduced to 37 percent starting from January 1, 2021; 34 percent from July 1, 2021; and 30 percent from July 1, 2022. The moves were announced after the SBV released a draft circular stipulating that the maximum ratio of short-term funds used for medium- and long-term loans at banks would be reduced from the current 45 percent to 40 percent from 2019 to June 30, 2020. Under the SBV’s draft circular, the rates of 37 percent and 30 percent will be applied from July 1, 2020 and July 1, 2021, respectively. According to the HoREA, the amendments will damage the real estate market as property enterprises are in dire need of medium- and long-term loans. It explained that due to the large proportion of short-term capital in banks’ total mobilised capital, banks will find it… Read full this story
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