Ho Chi Minh City has announced a plan to implement the government’s major measures to curb inflation and stabilise the macro-economy.

As of March, relevant departments and agencies are overseeing and guiding operations of commercial banks in the city to ensure credit growth under 20 percent in 2011.

The city will work out an array of measures and roadmaps to reduce deposit and loaning interest rates, stabilise foreign exchange rates and ensure sufficient supply of foreign currencies for the import of essential materials.

In another move, the city will provide to interest-free-12 month loans without collateral for enterprises participating in HCM City ’s price stabilisation programme.

The policy aimed to create more favourable conditions for participants in the programme to boost their business, and also encourages more enterprises to take part in it, said Deputy Chairwoman of the People’s Committee Nguyen Thi Hong.

Hong said the policy is also expected to widen the range of commodities under the programme and bring more benefits to needy city residents. Priority would be given to enterprises involved in production, she added.

The city’s Department of Finance has been asked to closely monitor participating firms to prevent the possibility of them colluding to increase prices.

The department has already set up a team to collect price-related information from wholesales and retail markets as well as a few participating shops to detect at an early date any violations of the programme’s pricing regulations./.