Reported 4 months ago
Vietnam's central bank has lent a total of $24.5 billion to Saigon Joint Stock Commercial Bank (SCB) to rescue depositors, amounting to 6% of Vietnam's 2023 GDP, after the lender faced financial fraud issues. The central bank has been providing significant financial support to SCB since October 2022, with daily injections detailed to track fund usage. The bank's troubles highlighted financial supervision challenges in Vietnam, leading to an increase in money supply, contributing to inflation concerns.
Source: YAHOO