Monetary policy governance requires thorough consideration: official
As the governance of the monetary policy has to concurrently guarantee multiple targets, including reducing interest rates, expanding credit, stabilising foreign exchange rates, and ensuring credit institutions’ safety, thorough consideration is needed before any steps are taken, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
The economy records over 12.7 quadrillion VND (517.5 billion USD) in credit as of the end of September, up 6.92% from the end of 2022. (Photo: VNA)
Hanoi (VNA)– As the governance of the monetary policy has to concurrently guarantee multipletargets, including reducing interest rates, expanding credit, stabilisingforeign exchange rates, and ensuring credit institutions’ safety, thoroughconsideration is needed before any steps are taken, Deputy Governor of the StateBank of Vietnam (SBV) Dao Minh Tu.
Given this, the central bank will continue the work in a way that guarantees macro-economic stability.Interest rates will be kept stable, and rate cuts could be considered whenconditions are in place to ensure inflation control, capital supply, andliquidity for credit institutions and the economy, he said.
It will also pushahead with perfecting legal documents, mechanisms, and policies on credit andstay ready to take measures to tackle difficulties and meet credit demand, Tunoted.
As of the end of September, the economy recorded over 12.7 quadrillion VND (517.5billion USD) in credit, up 6.92% from the end of 2022. The credit growth hasaccelerated in recent months, according to the SBV.
There remains much room for creditto grow further, it opined.
Credit growth is hoped to gain speed during the last three months as usual. (Photo: VNA)
The SBV’s recent survey of credit institutions for the fourth quarter showedthat outstanding loans of the entire banking system is expected to increase4.6% in Q4 and 12.3% in the whole of this year, down 0.2 percentage point from the earlier prediction of12.5%.
If credit expansion stands at 4.6% in Q4 as forecast, credit growth in theeconomy will reach just 11.52%, the SBV went on.
In its newly released macro report, the Vietcombank Securities Company (VBCS)said pressure on foreign exchange rates will remain at least until November. However,in favourable conditions, the Vietnamese currency, the dong, may depreciate at a reasonablepace of about 3% compared to the US dollar.
The forecast was based on the projectionthat in comparison with the monetary policies of global central banks after theSeptember updates, the US dollar will maintain its high value until at least November.
Deputy Governor Tu expressed his hope that credit growth will gain speed duringthe last three months as usual.
The SBV will take strongmeasures, together with localities’ moves to address obstacles, to helpbusinesses surmount difficulties, he added./.
Thanks to drastic efforts by the Government, credit growth is expected to increase positively in the last months of this year, helping ease difficulties for businesses and propelling forward the development of the economy.
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The economy records over 12.7 quadrillion VND (517.5 billion USD) in credit as of the end of September, up 6.92% from the end of 2022. (Photo: VNA) 
Credit growth is hoped to gain speed during the last three months as usual. (Photo: VNA) 
