SBV Governor requires close control over credit in foreign currencies

SGGP
The Governor of the State Bank of Vietnam (SBV) has sent Document 7295 requiring credit institutions and foreign banks’ branches to keep a close eye on credit growth rate in foreign currencies to ensure their operation safety.

At a bank in HCMC (Photo: SGGP)

At a bank in HCMC (Photo: SGGP)

They have been asked to control credit by mobilized capital in foreign currency to ensure suitable ratio and the balance between deposit and loan funds, intensify risk control in credit granting in foreign currencies.
Credit institutions should abide by reward interest rates stipulated at Circular 06 issued in 2014 and Decision 2589 in 2015 of the Governor, not apply technical measures to increase ceiling rates. They are banned from unhealthy competition in capital mobilization.
The Governor requires them to examine and spot violations in reward ceiling rates and strictly handle leaders of branches for letting violations occur and not abiding by regulations by SBV.

By HAM YEN – Translated by Hai Mien

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