Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong speaks at the forum. Hong made the statement during the Vietnam Banking Overview Forum 2019 in Hanoi on May 8. The event aimed to review the monetary policy that has been implemented in recent times as well as the performance of the entire banking system. She asserted that the 2019 monetary policy aims to stabilize local money and foreign exchange markets, retain macro-economic stability, and spur economic growth. In addition to these benefits, the monetary policy is expected to help increase total payment means and credit by around 13 per cent and 14 per cent, respectively this year. Vo Tri Thanh, former Vice Director of the Central Institute for Economic Management, emphasized macro-economic, interest rate, and exchange rate stability as highlights of the banking sector last year. The central bank has regulated monetary policy in a sensible manner in recent years, enjoying particular success in monitoring … [Read more...] about Central bank pledges flexible monetary policy
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State Bank of Viet Nam to keep calm and carry on
A customer performs a transaction at Vietcombank's headquarters in Ha Noi. The State Bank targets a 13 per cent increase of total means of payment and credit growth of 14 per cent this year. — VNA/VNS Photo Tran Viet The State Bank of Viet Nam (SBV) would continue to follow a pro-active and flexible monetary policy as well as working in close conjunction with fiscal and other policies to control inflation and support economic growth in 2019. SBV Deputy Governor Nguyen Thi Hong made the statement at a banking forum titled "For Vietnamese Banks Further Development" held in yesterday Ha Noi. Hong said the central bank targeted a 13 per cent increase of total means of payment and credit growth of 14 per cent this year, but adding adjustments could be made in accordance with the situation. The SBV would help stabilise the monetary market through the use of open market operation (OMO) measures to regulate liquidity among credit institutions. At the same time, the central bank … [Read more...] about State Bank of Viet Nam to keep calm and carry on
Vietnam’s central bank to ease lending rates
Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) buying net 4 billion USD in January may be the way to lower Vietnamese dong lending rates. To achieve such a result, the central bank in late November 2018 sold greenback futures that would be delivered in late January 2019 to raise the market supply of dollars, vneconomy.vn reported. Then on the first working day of 2019 (January 2), the central bank for the first time in a year raised its purchasing rate by 500 VND to 23,200 VND for a dollar from the last-day rate of 2018. As of December 31, 2018, the purchasing rate for a US dollar set by the SBV was 22,700 VND. The rate was cut by 10 VND on February 8, 2018. In addition to the two technical measures, the central bank also increased the gap between Vietnamese dong and dollar interest rates on the interbank market, making Vietnamese dong more attractive for savings and thus balance the foreign exchange rate … [Read more...] about Vietnam’s central bank to ease lending rates
Central bank to ease lending rates
The State Bank of Vietnam (SBV) buying net US$4 billion in January may be the way to lower Vietnamese dong lending rates.— Photo cafef.vn The State Bank of Vietnam (SBV) buying net US$4 billion in January may be the way to lower Vietnamese dong lending rates. The data was announced at the Government’s monthly meeting on Thursday. To achieve such a result, the central bank in late November 2018 sold greenback futures that would be delivered in late January 2019 to raise the market supply of dollars, vneconomy.vn reported on Friday. Then on the first working day of 2019 (January 2), the central bank for the first time in a year raised its purchasing rate by VND500 to VND23,200 for a dollar from the last-day rate of 2018. As of December 31, 2018, the purchasing rate for a US dollar set by the SBV was VND22,700. The rate was cut by VND10 on February 8, 2018. In addition to the two technical measures, the central bank also increased the gap between Vietnamese dong and dollar … [Read more...] about Central bank to ease lending rates
Central bank resumes dollar purchases to build up foreign reserve
The State Bank of Viet Nam (SBV) has resumed the purchase of US dollars from commercial banks after a six month break thanks to favourable conditions in the country’s foreign exchange market. On Monday, SBV’s Operations Centre net bought some US$200 million from commercial banks on the inter-bank market in a move to build up the country’s foreign reserve. The purchase followed a recent move by the SBV centre to adjust up its buying rate of the dollar against the dong by VND500 to VND23,200 per dollar, making its rate VND40-65 per dollar higher than that of commercial banks. On Tuesday, commercial banks kept their dollar prices stable. Vietcombank and BIDV posted VND23,155 and VND23,245 per dollar buying and selling rates, unchanged from the previous day. The buying and selling rates at Techcombank were VND23,135 and VND23,245 per dollar, also unchanged from the day before. On Tuesday, SBV set the daily reference exchange rate at VND22,827 per dollar, down VND2 from … [Read more...] about Central bank resumes dollar purchases to build up foreign reserve