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Commercial banks must guarantee liquidity

VNGOP - To stabilize the monetary market, the Governor of the State Bank of Việt Nam on May 13 just asked the commercial banks (CBs) and State Bank's provincial-level branches to take some actions to guarantee their liquidity.

May 14, 2008 7:12 AM GMT+7

The refinanced loans must be used properly to compensate for the weak liquidity

Accordingly, the State Bank ordered the CBs to proactively balance capital, actively take part in open market operations at the State Bank, and devise other ways of capital mobilization to ensure liquidity.

CBs can ask the State Bank, in writing, to be refinanced in case (1) they lack usable capital and valuable credit documents to take part in open market operations, or (2) take part in the operations without winning contract. They are not allowed to use the refinanced loans to develop other types of loans. The State Bank will refinance in two ways: giving loans under mortgages; or in the form of credits.

The CBs are requested to make daily report to the State Bank on their capital balance, capital use and liquidity under the following norms: capital; capital use, balance and compulsory reserve at the State Bank, and predictions of useable capital. They must also report lending and borrowing transaction activities with other credit organizations.

By Hải Minh