The State Bank of Vietnam (SBV) will take four monetary measures to curb inflation, said SBV Governor Nguyen Van Giau at the current session of the National Assembly in Hanoi on May 30.
According to Mr Giau, the most important measure is to control the growth of credit and total means of payment this year to less than 30 percent compared to last year. Other measures include flexibly controlling the exchange and interest rates in line with the market principle and the supply-demand relation, enhancing the supervision of the monetary market and establishing a swift information system to ensure the timely assessment of market developments and have appropriate intervention measures.
Mr Giau said that the government plans to promote the inspection and supervision of the implementation of regulations on safety for banking activities of credit organisations.
According to the SBV, the implementation of measures to control price increases have initially helped curb inflation. The total means of payment has increased 3.73 percent in the first five months of this year, compared to the 17.57 percent growth in the same period last year. The growth of credit debt, which remains at a high level of over 18.4 percent, has begun to fall.
Mr Giau said that the central bank will keep a close watch on market developments, make forecasts and tighten inspection and supervision to ensure the monetary policy keeps pace with developments of the economy and high efficiency.
On the establishment of new banks, the Governor said that since 2006 the SBV has received applications for 25 new domestic joint-stock commercial banks, and 33 branches of foreign banks and wholly foreign investment banks in Vietnam. To date, the SBV has licensed three branches of foreign banks and two domestic banks.
Currently, Vietnam has five State commercial banks, six joint venture banks, 36 joint stock commercial banks, 44 branches of foreign banks, 10 financial companies, 13 financial leasing companies and 998 people’s credit funds.
Mr Giau said that the government plans to promote the inspection and supervision of the implementation of regulations on safety for banking activities of credit organisations.
According to the SBV, the implementation of measures to control price increases have initially helped curb inflation. The total means of payment has increased 3.73 percent in the first five months of this year, compared to the 17.57 percent growth in the same period last year. The growth of credit debt, which remains at a high level of over 18.4 percent, has begun to fall.
Mr Giau said that the central bank will keep a close watch on market developments, make forecasts and tighten inspection and supervision to ensure the monetary policy keeps pace with developments of the economy and high efficiency.
On the establishment of new banks, the Governor said that since 2006 the SBV has received applications for 25 new domestic joint-stock commercial banks, and 33 branches of foreign banks and wholly foreign investment banks in Vietnam. To date, the SBV has licensed three branches of foreign banks and two domestic banks.
Currently, Vietnam has five State commercial banks, six joint venture banks, 36 joint stock commercial banks, 44 branches of foreign banks, 10 financial companies, 13 financial leasing companies and 998 people’s credit funds.
VOVNews/VNA
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