Currency Regulations Must be Followed, State Bank Says

At Orient Bank

Governor of the State Bank of Viet Nam Nguyen Van Giau sent an official dispatch to the heads of credit agencies ordering them to strictly adhere to a directive concerning currency and banking operations issued by the state bank on July 8.

 

A week after setting up a hotline, the state bank has received many complaints, recommendations, and suggestions about banking and credit issues from the public, businesses agencies and organizations throughout the country. Many complained that the credit agencies have been applying a higher interest rate than what the state bank’s has stipulated. Many credit agencies took fees for the loans.

 

In order to regulate the operation of the banking system, Mr. Giau directed that the chief executive or general manager of a credit agency must control and carry out the state bank’s regulations about currency and foreign exchange. The bank will deal appropriately with organizations, individuals who break the regulations.

On the same day, Bank of Investment and Development Viet Nam announced that it will crack down lending interest rate compared with the base set. This will take effect from July 9 to December 12. The bank will cut its interest rate for dong-denominated loans by 0.2 percent a year. For priority customers, the rate will be cut by 0.6 percent a year.

 

 

HY-Translated by Khac Minh

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