Central Bank: Credit Institutions Not Allowed to Make Abrupt Move in Interbank Interest Rate
The State Bank of Vietnam, the country’s central bank, (SBV) on July 5 issued document No4080/NHNN-TD requesting banks and other credit institutions to comply 2 following things:
(i) Applying lending and depositing interest rate in dong among credit institutions and foreign banks’ branches in line with the government instruction in the Resolution No 01/NQ-CP dated January 3, 2012, NOT to cause an abrupt changes in interbank interest rates (both lending and deposit) from now until Circular No21/2012/TT-NHNN issued on June 18, 2012 becomes effective.
(ii) Complying with report request for criteria 7A.1 in the report system under Circular 21/TT-NHNN dated June 18, 2012 (on credit – deposit relation among credit institutions, foreign banks’ branches – daily report).
The SBV requested its branches in the cities and provinces to supervise, inspect, investigate on lending and deposit interest rates in dong among credit institutions in their areas in charged, make decisions according to their power or timely report to the SBV to deal with any incurrence to stabilise the monetary market.
Category: Legal
