NA’s standing body discusses monetary, credit management bills
VGP – The NA Standing Committee (NASC) today considered NA deputies’ comments on the Bills on State Bank and on Credit Organizations, the two legal documents which will help to perfect the management over monetary and credit activities.
Regarding the draft law on State
Bank, most of deputies were unanimous that it is necessary to highlight the
State management of the State Bank and build up this special institution as a
modern central bank with high self-control and independence.
The
NA Standing Committee focuses its December 17, 2009 discussions on the State
Bank and credit organization bills – Photo: VGP/Lê Tuấn
The Bill should pay
attention to the State Bank’s function of outlining, managing and enforcing
monetary policies, they said.
The State Bank will be
empowered to fix benchmark interest rates and intervene in interest rate
mechanisms of credit organizations in order to stabilize the monetary market
and macro-economy.
The Bill on Credit
Organizations with important revisions was considered as a legal foundation for
correcting weaknesses in current credit activities.
About the percentage of
shares in credit organizations, many deputies proposed higher rates compared to
the Bill in order to help these organizations attract strategic shareholders.
Some suggested that commercial
banks should be allowed to purchase shares of credit organizations.
The NASC reached a high
consensus on the regulation that foreign banks and their branches are not
permitted to provide loans for the purchase of stocks.
