Bank sector joins in to stabilise prices

December 10, 2010 | 09:05

(0) user say

The State Bank of Vietnam’s Governor Nguyen Van Giau, on Wednesday ordered that all the bank’s branches follow Prime Minister Nguyen Tan Dung’s instructions. That is to stabilise prices during the upcoming Tet holidays.

Photo source: VnExpress

The governor asked them to ensure safe ratios in their operation, as sanction in two circulars issued in May and September this year.

Branches of the State Bank should effectively carry out currency and credit measures, that the bank instructed in November, to stabilise prices and the macro economy.

They should monitor interest rates and lending activities and make certain they are legal and in accordance with policies of the government, and the Vietnam Banking Association.

Additionally, the credit organisations’ loans should have priority for agricultural production, rural development, natural disaster recovery, exports and commodity stockpiling during the Tet holidays.

Moreover, they should sell foreign currencies to businesses, for the import of necessary goods, and implement other measures to stabilise the foreign exchange markets. They have also been asked to monitor and forecast changes in the international gold price and domestic supply to rationally import the metal.

The State Bank’s branches should monitor credit organisations to ensue their mobilisation and the lending of gold, matches the criteria set out in the governor’s circular in October. Any violation from the guidelines will be monitored.

SGGP

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional