SBV Deputy Governor Nguyen Thi Hong at the event (Photo: VNA) Hanoi (VNA) – Deputy Governor of the State Bank ofVietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetarypolicy in a proactive, flexible, and cautious manner, and in harmony with fiscaland other macro-economic policies to curb inflation, maintain macro-economicstability, and fuel economic growth.
Addressing the Vietnam Banking Overview Forum 2019 held inHanoi on May 8, Hong said the SBV aims to increase total payment instrumentsand credit by around 13 percent and 14 percent respectively this year.
She added that the central bank will also direct interestand exchange rates in a way that suits macro-economic balances, marketdevelopment and the goals of monetary policy, while using policy tools andinterference measures when necessary to stabilise the foreign exchange market.
Former Vice Director of the Central Institute for EconomicManagement Vo Tri Thanh lauded macro-economic and interest and foreign exchangerates stability as bright spots in the banking landscape last year.
Thanh said the three key tasks for the SBV since 2012 to noware issuing a stable monetary policy to fuel growth, dealing with bad debts,and restructuring banks up to the best practices, which will continue to be itsbiggest challenges in the time ahead.
He suggested devising a mid-term plan to keep inflation undercontrol, thus better managing interest rates.
Banking expert Can Van Luc called for improving the role of capitalmarket, because the reliance on the banking system for mid- and long-termcapital is causing great pressure and risks for the system of creditinstitutions.
Deputy head of the banking safety supervision division BuiVan Hai said the SBV has directed credit organisations to work out measures to followstake ownership regulations, as well as deal with violations on overlappingshare ownership.
The SBV reported that as of January 31, credit organisationsdealt with about 204.4 trillion VND worth of bad debts, or over 40 percent ofthe total. In late 2018, the rate of bad debts was reduced to below 2 percent.–VNA
Addressing the Vietnam Banking Overview Forum 2019 held inHanoi on May 8, Hong said the SBV aims to increase total payment instrumentsand credit by around 13 percent and 14 percent respectively this year.
She added that the central bank will also direct interestand exchange rates in a way that suits macro-economic balances, marketdevelopment and the goals of monetary policy, while using policy tools andinterference measures when necessary to stabilise the foreign exchange market.
Former Vice Director of the Central Institute for EconomicManagement Vo Tri Thanh lauded macro-economic and interest and foreign exchangerates stability as bright spots in the banking landscape last year.
Thanh said the three key tasks for the SBV since 2012 to noware issuing a stable monetary policy to fuel growth, dealing with bad debts,and restructuring banks up to the best practices, which will continue to be itsbiggest challenges in the time ahead.
He suggested devising a mid-term plan to keep inflation undercontrol, thus better managing interest rates.
Banking expert Can Van Luc called for improving the role of capitalmarket, because the reliance on the banking system for mid- and long-termcapital is causing great pressure and risks for the system of creditinstitutions.
Deputy head of the banking safety supervision division BuiVan Hai said the SBV has directed credit organisations to work out measures to followstake ownership regulations, as well as deal with violations on overlappingshare ownership.
The SBV reported that as of January 31, credit organisationsdealt with about 204.4 trillion VND worth of bad debts, or over 40 percent ofthe total. In late 2018, the rate of bad debts was reduced to below 2 percent.–VNA
VNA
