Foreign banks must stop providing information regarding global financial crisis

The branches of foreign banks in Vietnam have been requested by the State Bank of Vietnam to stop providing information regarding the global economic recession and financial crisis.

Earlier, to take initiative in coping with negative impacts of the global economic recession and financial crisis on Vietnam, the State Bank of Vietnam issued an official document dated September 24, 2008, asking the branches of foreign banks in Vietnam to provide information about the development of the global economic recession and financial crisis. In implementation of the request by the State Bank of Vietnam, these branches have actively provided information in order to help analyse and evaluate the impacts of the crisis on the domestic banks’ monetary and credit activities

However, in recent time, the world economy has seen a recovery and gradual stabilisation. So, the State Bank of Vietnam has asked these branches to stop providing the above-said information. It has also requested that in case of abnormal development of the world and domestic financial and monetary markets, the branches should co-ordinate in providing information in time for the State Bank of Vietnam in order to help analyse and evaluate the market and manage the monetary policy.

Tags: Foreign banks in Vietnam, Vietnam finance news

Posted by VBN on Apr 2 2010. 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