Governor: Bank deposits are guaranteed by the State in all cases

On the morning of October 10, State Bank Governor Nguyen Thi Hong said that recently, there was some information spreading that affected the operations of Saigon Commercial Joint Stock Bank (SCB).State Bankhas taken necessary measures to ensure normal operation of SCB Bank and ensure liquidity.

Governor of the State Bank of Vietnam Nguyen Thi Hong.Photo: Chinhphu.vn

"In Vietnam, up to now, people's deposits at banks, including SCB Bank, have been guaranteed by the State in all cases," the Governor of the State Bank emphasized, and said that "those who deposit money at SCB Bank need to be very calm and should not withdraw money, especially before maturity, to ensure their rights."

The Governor said that, as the Central Bank, as well as the role of the banking management agency, when building,monetary policy making, as well as banking management policies, the State Bank always sets goals and is steadfast in its management to contribute to controlling inflation, stabilizing the macro-economy, currency and ensuring the safety of banking operations, including SCB Bank.

Previously, at a quick press conference on the afternoon of October 8 with the participation of leaders of the State Bank of Vietnam, Ho Chi Minh City branch, Mr. Hoang Minh Hoan - Deputy General Director in charge of operations of SCB Bank said that the bank has increased the amount of cash reserves at all transaction points to meet the legitimate payment and withdrawal needs of the people.

At the same time, SCB also increased the amount of deposits at the State Bank to ensure interbank payment needs from SCB to other banks and vice versa.

SCB representative affirmed that the State Bank is closely monitoring, keeping track of data and closely supporting this bank to ensure safe operations for SCB.