The Government Inspectorate will inspect the State Bank's credit growth management, including the process of establishing, assigning and adjusting limits for banks.
The inspection was carried out at the request of Deputy Prime Minister Le Minh Khai, in order to promptly manage and improve the efficiency of credit operations.
Accordingly, this agency will inspect the State Bank's credit growth management and supervision in 2022 and 2023. After that, the Government Inspectorate will report to the Prime Minister on the implementation in December 2023 and report the results in January of the following year.
State Bank Headquarters. Photo: Giang Huy
The Government Office said that recently, the Government has repeatedly requested the State Bank to have timely and effective solutions to manage credit growth, and determine the growth limit for the whole year of 2023 in accordance with reality. Credit management must ensure sufficient capital supply for the economy, ensure the safety of the credit system, and at the same time increase access to credit for people and businesses, thereby promoting economic growth.
However, up to now, credit growth in 2023 is still low, not reaching the set target. Access to credit capital is still difficult. In addition, the assignment of credit growth limits to credit institutions is not really scientific, timely, and effective, and there are also comments from National Assembly deputies and experts. Therefore, the Deputy Prime Minister requested an inspection of the credit management of the State Bank.
On the afternoon of November 30, the Deputy Prime Minister also met with the Governor and Deputy Governors of the State Bank on this issue.
At the meeting, he asked the State Bank to closely follow the economic situation, the borrowing needs of businesses and people, and "review regulations for adjustment, in order to operate monetary and credit policies more proactively and flexibly". With more than a month left in 2023, the Government leader asked the State Bank to propose solutions to manage credit for the economy, directing capital flows to priority areas.
At this meeting, bank representatives also said that in reality, there is no shortage of capital, but to be able to disburse, the problem lies not only in monetary policy management, but also depends on the ability to absorb capital. Demand for loans has decreased, disbursement is difficult, although banks have offered many incentive programs and proactively sought customers.
Representatives of commercial banks said that “one hand clapping makes no sound”. Credit disbursement requires synchronous solutions from all levels and sectors, and the efforts of enterprises to overcome difficulties to improve capital absorption capacity.
Commercial banks have requested competent authorities to continue researching and implementing more comprehensive solutions, especially resolving legal issues related to real estate projects; implementing solutions to stimulate domestic consumption, especially during the upcoming Lunar New Year; promoting the disbursement of public investment capital to lead private investment... thereby unblocking the credit "blood vessels".
Credit growth by the end of November only reached about 8.4%, about 14% lower than the plan set for the whole year of 2023. On November 29, the State Bank also reallocated the credit growth target from banks with surplus to banks with shortage. Overall credit growth in 2023 remains at the target set at the beginning of the year (14.5%).
On November 26, the Prime Minister also issued a telegram requesting the State Bank to allocate all credit limits and immediately make public announcements so that credit institutions can proactively lend from now until the end of the year, paying attention to real estate credit and production and business credit to support the market, contributing to restoring and unblocking investment and business capital flows for the economy.
The Prime Minister also requested the State Bank to learn from its slow credit management in 2022. Credit growth management in 2023 needs to be timely and effective, ensuring adequate credit supply for the economy and the safety of the credit institution system, absolutely avoiding congestion, stagnation, delay, and untimely occurrence.
According to Quynh Trang/VNE
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