Vietnam weighs extending short-term forex loans to end of 2017

By Reuters/Mai Nguyen   November 14, 2016 | 05:59 pm GMT+7

The proposal takes into account the country's slower economic growth so far this year.

Vietnam's central bank is considering allowing commercial banks to extend short-term loans in foreign currencies for another year until the end of 2017.

The extension would help production and exports, a key driver of Vietnam's economy, the State Bank of Vietnam said last week in a draft proposal published on its website, and on which it is seeking industry opinions.

In May the central bank allowed banks to resume short-term forex loans until the end of 2016 to help businesses cope with this year's adverse weather impacts and speed up growth, which is estimated to be below target.

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