Governor of the State Bank of Vietnam Le Minh Hung (Source: VNA) Hanoi (VNA) – Governor of the State Bank ofVietnam (SBV) Le Minh Hung shed some light on issues regarding collaborationamong ministries and agencies in monitoring monetary, fiscal, and macro policiesduring the ongoing sixth session of the 14th National Assembly in Hanoi onOctober 29.
Hung said the Government’s macroeconomic management workinggroup led by the Minister of Planning and Investment, and also including theMinister of Finance, the Minister of Industry and Trade, and the SBV Governorto hold periodic meetings to discuss policy planning and direction.
On price management, the Steering Committee on PriceManagement, led by Deputy Prime Minister Vuong Dinh Hue, also holds regularmeetings and works closely with concerned units to provide relevantinformation.
Thanks to close cooperation with the Ministry of Finance,the SBV has kept monetary policy stable and inflation under control. Basicinflation was kept at 1.83 percent in 2016, 1.14 percent in 2017, and 1.41percent during the first nine months of this year.
He said he also discussed with the Minister of Finance onhow to stabilise liquidity and interest rates so as not to put pressure on the monetarymarket.
The interest rate of five-year bonds in 2018 was reduced by2.83 percent over 2016, while those of 10-year, 15-year, 20-year, and 30-yearbonds decreased by 2.1 percent, 2.8 percent, 2.58 percent, and 2.6 percent,respectively.
According to Hung, ministries and agencies also workedtogether closely to control credit quality, especially credit in the securitiesmarket. Whenever any contingencies arose, they also asked units concerned topromptly announce information, thus strengthening trust amongst investors.
During working sessions with international organisations andministries, the SBV also provided them with the latest, transparent informationso that they could gain an objective assessment of the macro-economy.
In the near future, Hung said the Ministry of Finance, the SBV,and ministries and agencies concerned will be able to aptly control inflationassigned by the legislature, manage deposits at banks to stabilise interestrates, reduce State debts, and issue bonds at appropriate times. –VNA
Hung said the Government’s macroeconomic management workinggroup led by the Minister of Planning and Investment, and also including theMinister of Finance, the Minister of Industry and Trade, and the SBV Governorto hold periodic meetings to discuss policy planning and direction.
On price management, the Steering Committee on PriceManagement, led by Deputy Prime Minister Vuong Dinh Hue, also holds regularmeetings and works closely with concerned units to provide relevantinformation.
Thanks to close cooperation with the Ministry of Finance,the SBV has kept monetary policy stable and inflation under control. Basicinflation was kept at 1.83 percent in 2016, 1.14 percent in 2017, and 1.41percent during the first nine months of this year.
He said he also discussed with the Minister of Finance onhow to stabilise liquidity and interest rates so as not to put pressure on the monetarymarket.
The interest rate of five-year bonds in 2018 was reduced by2.83 percent over 2016, while those of 10-year, 15-year, 20-year, and 30-yearbonds decreased by 2.1 percent, 2.8 percent, 2.58 percent, and 2.6 percent,respectively.
According to Hung, ministries and agencies also workedtogether closely to control credit quality, especially credit in the securitiesmarket. Whenever any contingencies arose, they also asked units concerned topromptly announce information, thus strengthening trust amongst investors.
During working sessions with international organisations andministries, the SBV also provided them with the latest, transparent informationso that they could gain an objective assessment of the macro-economy.
In the near future, Hung said the Ministry of Finance, the SBV,and ministries and agencies concerned will be able to aptly control inflationassigned by the legislature, manage deposits at banks to stabilise interestrates, reduce State debts, and issue bonds at appropriate times. –VNA
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