Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeYesterday at 6:02 am by Ditartyn

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeSat Mar 23, 2024 9:25 am by swizzlestick

» ZIGPLACE
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
Vietnam: Central bank to crack down on interest rate abuses I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

Vietnam: Central bank to crack down on interest rate abuses

Go down

Vietnam: Central bank to crack down on interest rate abuses Empty Vietnam: Central bank to crack down on interest rate abuses

Post by ADMIN Tue Jun 21, 2011 8:30 am

The State Bank of Vietnam (SBV) has requested commercial banks to strictly conform to regulations on VND deposit interest rates.

Many commercial banks have raised interest rates on deposits to 18 per cent to 19.5 per cent per year, despite the ceiling of 14 per cent set by SBV in a circular issued in March this year.

Some banks have also been offering gifts or “bonuses” to attract deposits.

An employee of one commercial bank in Hanoi said that his bank offered an interest rates of 18 per cent for deposits over VND200 million ($9,708), and 19 per cent for deposits of VND1 billion ($48,543) or more.

SBV also ordered banks to apply reasonable lending interest rates to enterprises, particularly those operating in the areas of agriculture, rural development and exports. They must also give priority to small to medium-sized enterprises and their supporting industries.

With lending interest rates soaring as high as 22 per cent per year, many of companies have had to scale back their operations due to shortage of capital.

Le Viet Ha, chairman of Hanco Company, was cited by Vnexpress as saying that his company had to pay VND1 billion ($48,543) for a VND40 billion ($1.94 million) loan, at an annual interest rate of 22 per cent.

The State Bank of Vietnam plans to work with inspection agencies in order to tighten control over enforcement of interest rate regulations.

Banks which violate the rules can be fined, or even have their operations suspended.

These actions by the central bank are part of a broader monetary policy meant to stabalise the monetary market and curb inflation.

http://vietnambusiness.asia/central-bank-to-crack-down-on-interest-rate-abuses/

ADMIN
Admin
Admin

Posts : 3449
Join date : 2011-06-16

http://dinardaily@gmail.com

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum