SBV to impose tough sanction on violations related to interest rates

VNGOP – The Governor of the State Bank of Việt Nam (SBV) just issued documents stipulating penalties and comprehensive inspection imposed on any violation against the regulations on prime interest rate.

May 22, 2008 7:13 AM GMT+7

Interest rate-related wrongdoings will be strictly punished – Illustration photo

The Governor ordered directors of SBV’s branches in all cities and provinces to tighten inspection over the performance of commercial banks within their localities. All breaches of the regulations on prime interest rate (for example surpassing the prime interest rate 150%) will be fined by laws.

At the same time, when discovering any bank which announces unusual interest rates, the director of provincial-level branch must found an inspection team to thoroughly check that bank.

By Hương Giang