SBV’s seven requirements for credit institutions

November 04, 2010 | 20:48

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Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau on Thursday in Hanoi issued Directive 04/CT-NHNN on monetary, credit and banking measures for price stabilization and macro-economic stability in the rest of 2010 and early 2011.

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The Directive requests credit organizations to abide by seven measures.

First, credit institutions will have to strengthen capital mobilization activities, avoid unfair competitions, and maintain available capital in appropriate volume.

Second, credit institutions will have to meet capital demands for agricultural production, business and production activities of small and medium-sized enterprises, and provision of primary goods and services in the rest of the year and early 2011.

Particularly, the SBV Governor asks credit institutions to change debt payment deadlines and adopt tax exemptions for enterprises in flood-affected areas to early restore local production and business.

Third, credit institutions are requested to strictly control the mobilization and lending of foreign currencies and conduct lending activities in line with current laws.

Fourth, these organizations are asked to fix mobilization and lending rates and exchange rates in conformity with current laws and the Government’s policies.

Fifth, they will have to timely supply information of their business;

Sixth, any infringement of interest subsidies will be exposed and punished.

Seven, the SBV Governor calls upon credit institutions to pour more investment in upgrading technology and bettering management capacity towards safety and efficiency.

VGP

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