News about ACB

At the State Bank of Vietnam's meeting with top commercial bank executives on the morning of 19/10, ACB General Director Từ Tiến Phát said the bank would immediately implement the government's and central bank's directives. ACB will cut rates on its deposit rate table from today, effective the next day, and launch a special lending program reducing loan rates by 1.5% to 2% for businesses. He said its earlier program, a 1% rate cut, had disbursed about VND 5,000 billion so far. He described the central bank's warning that non-compliant banks could face reduced credit growth targets as a strong message that reinforces market discipline. He also expressed confidence that the State Bank will keep monetary policy flexible to support the system.