When there are favorable conditions for macroeconomic stability and inflation control, the State Bank directs and mobilizes commercial banks to cut costs to reduce interest rates. Since then, creating favorable conditions to support businesses, people, and the economy to borrow capital at a low rate interest rate lower.
That is the share of Standing Deputy Governor of the State Bank Dao Minh Tu on the eve of the Lunar New Year in 2023.
Deputy Governor Dao Minh Tu said that the management of monetary policy in 2022 faces unprecedented difficulties and challenges. Complicated and unpredictable fluctuations of the world and domestic economy, especially the issue of inflation, high interest rates in some countries, and unpredictable developments in international geopolitics. With a synchronously implemented monetary policy management solution, in 2022, the banking industry will actively contribute to the outstanding achievements of the economy.
In 2023, the State Bank will continue to operate monetary policy firmly, flexibly, effectively and timely, identifying and assessing difficulties and impacts from the beginning of the year to take appropriate measures. At the same time, be ready to accept unexpected impacts from the world economy as well as domestic difficulties in order to have flexible and appropriate policies to control exchange rates, interest rates and money supply. Thereby, ensuring the goal of controlling inflation, stabilizing the value of money, stabilizing the macro-economy and supporting economic growth.
According to the Deputy Governor, the State Bank will study and evaluate the policies of major countries in the world, especially the monetary policy of the US. The operation of interest rates and exchange rates in 2023 is firstly calculated from numbers and parameters to determine a stable policy, continuing to maintain interest rate stability as well as the current exchange rate.
“In the coming time, with favorable conditions for macroeconomic stability and inflation control, we will continue to direct and lobby commercial banks to cut costs to reduce interest rates. From there, creating favorable conditions to support businesses, people and the economy to borrow capital at a low rate lower interest rates“, Deputy Governor Dao Minh Tu affirmed.
|
|
|
Deputy Governor of the State Bank Dao Minh Tu talked regarding interest rate and exchange rate management in 2023. |
In exchange rate management, the State Bank’s leaders said that they will try to maintain stability and ensure harmony for export and import policies. In particular, creating favorable conditions to continue attracting foreign capital flows to Vietnam, as well as ensuring the interests of enterprises trading and using foreign currencies. Ensuring resources that the Government and businesses are borrowing abroad, limiting risks for businesses when the exchange rate fluctuates, limiting market expectations.
In 2023, the State Bank calculated that the credit growth orientation is regarding 14-15%, but there are still adjustments in line with the actual situation and developments. The State Bank has also just issued Directive No. 01 on organizing the implementation of key tasks of the banking industry in 2023.
The directive stated that the volume growth and credit structure should be reasonable, meeting the credit capital needs of the economy, contributing to controlling inflation and supporting economic growth. Notify and periodically review, consider adjusting credit growth targets for each credit institution on the basis of operation situation, financial capacity and healthy credit growth; directing credit to production and business fields, priority fields.
Continue to strictly control credit in potentially risky areas such as real estate, securities, and BOT traffic projects. Create favorable conditions for businesses and people to access bank credit.
