Central bank to keep proactive, flexible monetary policy
For the time ahead, the State Bank of Vietnam (SBV) will keep a proactive and flexible monetary policy basing on market developments and forecasts for the macro-economy, SBV Deputy Governor Dao Minh Tu told a meeting on April 22.
Hanoi (VNA) – For the time ahead, the State Bankof Vietnam (SBV) will keep a proactive and flexible monetary policy basing on market developments and forecasts for the macro-economy, SBV DeputyGovernor Dao Minh Tu told a meeting on April 22.
This monetary policy is meant to control this year’sinflation within the targeted ceiling of about 4 percent, supportmacroeconomic stabilisation, assist economic recovery, ensure liquidity,maintain the stability in the monetary and forex markets, and create conditionsto reduce capital expenses for people, businesses, and the economy as a whole,the official said.
The SBV will maintain a close watch on domestic and foreignmacro-economic and monetary changes, foreign exchange rate developments, aswell as foreign currency demand and supply to set appropriate exchange rates,he noted, adding that it will uniformly carry out measures and policy tools to stabilise exchange rates and the forex market to help ensuremacro-economic stability.
Besides, credit provision will be boosted, especially forpriority fields to match economic restructuring and help fuel growth and stabilisethe macro-economy.
Tu also stressed the need to tighten control over credit forhigh-risk areas like real estate, transport projects in build-operate-transfer (BOT)and build-transfer (BT) formats, and securities while at the same time takingsynchronous solutions to tackle difficulties facing those hit hard by theCOVID-19 pandemic and natural disasters.
The central bank will order credit institutions tofacilitate people and enterprises’ access to credit to help minimise loan-sharking,he said.
Pham Thanh Ha, Director of the SBV’s Monetary PolicyDepartment, reported a credit growth rate of 3.34 percent as of April 16,compared to the end of 2020, pointing out that the credit growth has begun stagnatingas credit has increased by just 0.41 percent in half a month though the risewas 0.76 percent in January, eased slightly to 0.66 percent in February dueto the COVID-19 resurgence, and surged by 2.93 percent in March.
The SBV affirmed that since the year’s beginning, it hasflexibly and synchronously used monetary policy tools to ensure liquidity forthe banking system, stabilise the monetary market, and help reduce input costfor credit organisations, thereby easing the pressure on deposit and lendinginterest rates./.
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