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Banking & Finance

MoF borrows $1.3 billion from SBV

Released at: 10:40, 03/10/2015

MoF borrows $1.3 billion from SBV

Funds in short-term loan to be repaid this year.

by Minh Tuyet

The Ministry of Finance (MoF) has received a VND30 trillion ($1.33 billion) loan from the State Bank of Vietnam (SBV), according to the Deputy General Director of the State Budget Department at MoF, Mr. Dao Xuan Tue.

It is a short-term loan, he told a press conference at MoF’s headquarters in Hanoi on October 2, and will be repaid this year.

The Law on the State Budget and the Law of the State Bank of Vietnam allow the finance sector to borrow money from the central bank on the condition it is repaid in the same year.

In July, Deputy Governor of the SBV Nguyen Thi Hong said it had carefully considered the loan, adding that it would stabilize the macro-economy and that it was only short term.

The MoF will receive more revenue over the closing months of the year and so be able to repay the loan.

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