State Bank bans lending towards gold buying
The State Bank of Vietnam on Saturday decided to ban banks and credit institutions to provide loans for gold purchases, except for cases allowed by the State Bank.
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| File photo shows gold jewelry at a gold shop in Ho Chi Minh City |
>>Taking aim to cool a hot gold market
The ban takes effect on Oct. 10, 2011, the central bank announced on its website Saturday.
The new circular states that the risk coefficient for gold-guaranteed loans is up to 250 per cent.
Exceptions to the ban include loans approved by the State Bank Governor for gold purchases to make gold bars and jewelry, as well as to import gold as material under import licenses.
As for the credit agreements signed and taking effect before Oct. 10, 2011, the credit providers and customers continue to perform the deals.
The State Bank said on its website that the ban is another bid to help stabilize the gold market.
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