SBV establishes teams to monitor self-inspection

The Governor of the State Bank of Vietnam (SBV) issued Decision No.1512/QĐ-NHNN) on June 18 to establish a number of teams in order to monitor the implementation of monetary policy measures and the assurance of safe and sound operations of the whole banking sector. These teams will be led by the SBV Governor or Deputy Governors with the participation of representatives of specialized SBV departments as members.

These teams will directly instruct and monitor the self-inspection by the provincial and municipal and credit institutions in certain provinces and cities of all the three regions of the country in regard to the implementation of the directives, policies and solutions of monetary policy management in the first months of 2009 with a special focus on 4 key issues, namely the interest rate subsidy lending, compliance with forex management, prudent banking operations, and loan extension with negotiable interest rates by credit institutions in their locations.

Based on the monitoring outcomes, these teams will come up with proper measures to strictly deal with those collectives and individuals in case of possible offences of the self – inspection regime (applicable to SBV municipal and provincial branches) and wrongdoings in complying with policies and regulations on banking operations (applicable to credit institutions).The monitoring will be conducted within July, 2009.

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