Credit Institutions Requested to Lend Foreign Currency to Oil Importers

04-May-2012 Intellasia | StoxPlus | 7:05 AM Print This Post

Credit institutions and branches of foreign banks are requested to provide foreign currency loans to oil importers.

Credit institutions and branches of foreign banks are requested to provide foreign currency loans to oil importers, even when the importers do not have sufficient income in foreign currency to repay the loans, the central bank said on its official website yesterday.

In addition, the central bank requires credit institutions and branches of foreign banks to provide short-term lending in foreign currency to importers of oil products in accordance with Circular No. 03/2012/TT-NHNN and relevant regulations, ensuring the recovery of both principals and interests at due.

Credit institutions and branches of foreign banks seeking to lend to oil importers have to send a written registration to the SBV.

Lending for this purpose shall be terminated by December 31, 2012.

 


Category: Legal

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