DNVN - In 2024, the State Bank has managed exchange rates flexibly and appropriately, contributing to absorbing external shocks. At the same time, it has promoted the provision of credit capital for the economy.
In summarizing its activities in 2024, the State Bank of Vietnam (SBV) stated that the world economy grew slowly and unevenly. Central banks lowered interest rates, and commodity and currency markets fluctuated strongly due to the uncertainty of the global economy.
The domestic economy has grown positively, inflation has been controlled in line with the set target. Compared to other countries in the world, Vietnam is a bright spot in controlling inflation, stabilizing the macro economy, contributing to attracting FDI capital.
However, Vietnam has a large openness, so it faces many difficulties and challenges when the world economy's recovery is not yet sustainable, inflation risks still exist, and resilience is limited. Faced with these challenges and opportunities, the State Bank has implemented synchronous solutions to create favorable conditions for businesses and people to access credit capital and restore production.
The State Bank of Vietnam has operated a flexible monetary policy, contributing to stabilizing the macro-economy and controlling inflation. It has supported liquidity for credit institutions and stabilized the monetary and foreign exchange markets.
In interest rate management, the State Bank continues to maintain the operating interest rates in the context of world interest rates remaining at high levels, creating conditions for credit institutions to access capital from the State Bank at low costs. Continue to direct credit institutions to reduce operating costs to strive to reduce lending interest rates.
The State Bank of Vietnam operates exchange rates flexibly and appropriately, contributing to absorbing external shocks; synchronously coordinating monetary policy tools. As a result, the foreign exchange market remains stable, foreign exchange liquidity is smooth, the economy's foreign exchange needs are fully met; exchange rates move flexibly in both directions, increasing/decreasing, in accordance with market conditions.
To facilitate credit institutions to provide credit capital for the economy, in 2024, the State Bank of Vietnam proactively adjusted credit growth targets for credit institutions twice to promptly meet capital needs for the economy and support production and business development.
In addition, the State Bank requires credit institutions to strictly implement instructions on monetary and credit activities and regulations on credit granting to improve business efficiency. Credit should be directed to production sectors, priority sectors, and sectors that are the driving force for economic growth according to the policies of the Government and the Prime Minister.
With the synchronous solutions of the State Bank, as of December 13, credit in the whole economy increased by about 12.5% compared to the end of 2023. Credit focuses on production, business, and priority sectors.
In addition, the State Bank continues to direct credit institutions to accelerate the implementation of the VND 120,000 billion program for lending to social housing, workers' housing, apartment renovation and reconstruction projects; Credit program for forestry and fishery sectors... In particular, the banking sector has promptly implemented solutions to support customers affected by storm No. 3.
In managing gold trading activities, with the attention and direction of the Government, the synchronous solutions of the State Bank and the coordination of relevant ministries and branches, up to now, the initial basic goal of handling and controlling the price difference between SJC gold bars and world gold prices within a suitable range has been achieved.
The stability and safety of the credit institution system continues to be maintained, and the legitimate rights of depositors are guaranteed. Bad debts are focused on being handled and controlled in the context of economic and business difficulties, affecting the debt repayment capacity of enterprises.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/linh-hoat-dieu-hanh-ty-gia-day-manh-cung-ung-nguon-von-tin-dung-cho-nen-kinh-te/20241214100150100
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