The State Bank of Vietnam has adhered to the Government's instructions in 2011 to implementing a tight monetary policy, adjusting interest rates in line with market signals and keeping exchange rates stable.

The online newspaper VnEconomy quoted the State Audit's report on the State Bank's performance in 2011.

However, the State Audit said the central bank management must be held responsible for lending growth failing to reach its target and bad debts continuing to rise since 2007.

The State Bank's inspection and supervision on refinancing loans was also referred to as "untimely" or "incomplete".

The State Audit said that some commercial banks borrowing refinancing loans had violated regulations on capital adequacy but the central bank did not warn, prevent and handle the matter quickly enough.

As for commercial banks, the State Audit said most had followed legal regulations on lending and credit growth. However, some banks had gathered and finished legal and economic documents before lending was incomplete. Control before, during and after lending was not strict.-VNA