State bank sets up complaints hotline

03/07/2008 -- 11:11 AM

HCM City (VNA) – The State Bank of Vietnam (SBV) has set up a hotline for the public to make recommendations and complaints about banking issues, especially about currency. The bank expects the move will help it make more flexible and accurate decisions as it will have better information from clients. The hotline numbers are (04) 8266344, (04)8268768 or mobile phone numbers 01226376735 and 01226268579 .Clients can also fax at (04)9241534 and (04)8241098 or email nhnn@sbv.gov.vn or hbthang@gov.sbv.vn . In another move, Ho Huu Hanh, the head of the central bank’s HCM City branch has warned that banks and money changers will face stringent penalties if they violate regulations. Hanh cited violations such as selling dollars at higher than the interbank rate, using a third currency for dollar transactions, and asking borrowers to leave a portion of their loan in their account. “We will immediately investigate and fire the head of the organisation’s involved,” Hanh said. He told a meeting on Tuesday that the SBV plans to stop issuing licences to new money changers and punish those caught breaking the rules by withdrawing their licences. The SBV will also confiscate commissions and take stern action against any commercial bank found selling dollars at high prices or using third currencies in dollars transactions. The SBV would prioritise sale of foreign currency to those banks involved in import and export of essential products like petroleum and steel, Hanh said. Hanh said the bank would, however, reject any request from those that have large reserves of dollars and the SBV would keep interest rates stable by maintaining it at 14 percent in July. The central bank is also discussing various options with regard to the interest rate, he said. “The rate will be up or down in August and September depending on inflation. It tends to go down it inflation drops.” The SBV’s HCM City office has set up 14 teams to inspect all the banks in the city. Those lending at more than 19 percent interest would be asked to cut their rates, Hanh said.-Enditem
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