Speaking at the press conference, Deputy Governor Dao Minh Tu said that in the first 9 months of 2024 and the third quarter of 2024, the domestic and world economies will have both advantages and disadvantages. In the world, inflation in many countries continues to cool down although it is still unpredictable, reinforcing the trend of lowering interest rates by central banks. The prospect of interest rate cuts by the US Federal Reserve (FED) has caused the international USD index to fall sharply.
Domestically, although there are still many difficulties and challenges, especially the damage caused by storm No. 3 in the northern localities, with the drastic and close direction of the Government and the Prime Minister, economic growth in the first 9 months of 2024 maintained a positive trend, with each quarter higher than the previous quarter. Inflation was appropriately controlled and actively supported economic growth.
In that context, closely following the Resolutions of the Party, the National Assembly, the Government, the direction of the Prime Minister, closely following the developments of the world and domestic economy, the State Bank of Vietnam has proactively and synchronously implemented solutions to create favorable conditions for businesses and people to access bank credit capital, restore production and business, contribute to promoting growth associated with macroeconomic stability, controlling inflation, and ensuring the safe operation of the credit institution system.
“The State Bank of Vietnam's monetary policy has contributed to stabilizing the macro-economy, controlling inflation, supporting liquidity for credit institutions, and stabilizing the monetary and foreign exchange markets,” Deputy Governor Dao Minh Tu emphasized.
The State Bank of Vietnam continues to maintain the operating interest rates to facilitate credit institutions to access capital from the State Bank at low costs, contributing to supporting the economy; directing credit institutions to continue to reduce costs to reduce the lending interest rate level, publicize the average lending interest rate, the difference between the average deposit and lending interest rates as well as information on lending interest rates of credit packages, programs, and products on the bank's website. As a result, the interest rate level continues to decrease compared to the end of 2023.
Exchange rates are managed flexibly and appropriately, contributing to absorbing external shocks; at the same time, monetary policy tools are coordinated synchronously. 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.
Notably, many solutions, policies and credit programs have been implemented synchronously and drastically by the State Bank of Vietnam, ensuring sufficient capital supply for the economy and promoting economic growth.
To facilitate credit institutions in providing credit capital for the economy, on December 31, 2023, the State Bank of Vietnam assigned all credit growth targets for 2024 to credit institutions and publicly announced the determination principles so that credit institutions can proactively implement credit growth.
However, in the context of low credit growth in the economy; the credit growth of credit institutions is uneven, some credit institutions have low growth, even negative growth while some credit institutions increase close to the target announced by the State Bank of Vietnam, on August 28, the State Bank of Vietnam announced the additional credit growth for credit institutions to ensure publicity and transparency. Accordingly, from August 28, credit institutions with a credit growth rate in 2024 reaching 80% of the target announced by the State Bank of Vietnam in early 2024 will be proactively adjusted to increase credit balance based on the credit institution's rating score.
To date, system-wide credit has increased by about 9% compared to the end of 2023. With good liquidity and much room for credit growth, credit institutions currently have favorable conditions to provide loans to the economy.
In managing gold trading activities, with the attention and direction of the Government, the synchronous solutions of the State Bank of Vietnam 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.
Orienting towards the end of the year, Deputy Governor Dao Minh Tu also said that the State Bank of Vietnam will continue to manage interest rates in line with market developments, the macro economy, inflation and monetary policy targets. Manage exchange rates flexibly and appropriately, in coordination with monetary policy tools to stabilize the foreign exchange market, contributing to controlling inflation and stabilizing the macro economy. Direct credit institutions to grow credit safely and effectively, directing credit to production and business sectors, priority sectors and growth drivers according to the policies of the Government, the Prime Minister, etc.
Source: https://nhandan.vn/trust-toan-he-thong-tang-khoang-9-so-voi-cuoi-nam-2023-post837157.html
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