Cash still flowing into Vietnam banking system: SBV

After the State Bank of Vietnam (SBV) issued Directive 02 on Sept. 7 regulating commercial banks must strictly comply with the deposit interest rate cap of dong and US dollar, many banks, especially small banks reported their deposits were being withdrawn.
Nam Viet Commercial JS Bank said that by December 17, this bank saw a total withdrawal of approximately 537 billion dong by depositors. The deposits at Great Asia Commercial JS Bank till Sept. 12 also fell 0.2% against Sept. 9.
Viet A Commercial JS Bank also has to witness an amount of 50-60 billion dong withdrawn by clients every day.
Vietnam Export-Import JS Commercial Bank (Eximbank) reported that a large amount of 34 trillion dong was also withdrawn from its system in the period of Sept. 7 – 25, but it re-gained 37 trillion dong of other deposits. This bank said that the cash withdrawal was mainly made by corporate customers, while raised capital was mainly from individuals.
Statistics of the central bank showed that from Sept. 7, there have been changes in mobilised capital of banks as some banks saw a reduction in deposits, but also the other gained good deposit growth, especially Asia Commercial Bank (ACB) posted the deposit growth of 42% in this period.
The SBV reported that total deposits of the whole banking system have still increased, though not rose as much as in the previous years.”-Source:Vietbiz24.com”

Tags: Asia Commercial Bank (ACB), cash flowing, the State Bank of Vietnam (SBV), Vietnam banking industry, Vietnam Export-Import JS Commercial Bank (Eximbank), Vietnam finance, Vietnam financial

Posted by quynhdn on Oct 1 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry