Banks ordered to stop lending for gold business

State Bank of Vietnam (SBV) on January 11 issued Document No 258/NHNN-CSTT ordering commercial banks and SBV arms to stop lending for investment and business on the gold floor.

Particularly, commercial banks have to stop lending for the gold business and investment and withdraw debts (including principal debt and loans) on the gold floor.

This is the first move to carry out Point d, h Section 1 Clause 5 Law on SBV and the government’s direction at Point 1 Document 369/TB-VPCP dated December 30, 2009 relating to the state management over gold business activities.

 

Category: Finance