The Bank’s Governor said that the results of monetary policy management help control inflation at 3.25% and support economic growth to reach 5.05% in 2023.
During two days from February 15-16, 2024 in Mumbai, India, a high-level seminar on the sidelines and a meeting of the Board of Governors of the Research and Training Center of Eastern Central Banks (Central Banks) took place. The 43rd South Asia (SEACEN) with the participation of the Governor and representatives of SEACEN member central banks.
Sideline high-level workshop with the topic “Navigating economic headwinds and promoting financial inclusion: Perspectives and challenges” with the participation and discussion of SEACEN member Central Bank Governors, Governor of the Central Bank of France and Chief Economist of the International Monetary Fund (IMF).
The conference took place with three sessions focusing on issues such as the motivation to achieve the inflation target, the challenges and impacts of rising interest rates, and the role of digital public infrastructure. in comprehensive finance. In addition to the official discussion sessions, delegates shared about the world economic outlook in 2024.
The Governor of the State Bank presented a speech at SEACEN’s high-level workshop with the topic “Navigating the headwinds of the economy and promoting financial inclusion: Perspectives and challenges”
Accordingly, SEACEN member Central Bank Governors said that 2024 is expected to bring a brighter economic picture, but many challenges and uncertainties still exist as geopolitical tensions show no signs of ending. tightening financial policies may continue to be applied in the short term, global financial conditions pose many risks and uncertainties.
At the Workshop, the Governor shared that Vietnam is a developing, highly open economy, increasingly participating more deeply in the process of economic integration and global supply chains, so it is easily affected by changes. fluctuations in the world market, especially the impacts from major central banks in the world simultaneously tightening monetary policy (CSTT).
In that context, the State Bank has operated monetary policy tools synchronously and flexibly, closely coordinating with fiscal policy to aim for the highest goal of controlling inflation, contributing to macroeconomic stability, Support the recovery of appropriate economic growth, while ensuring the safety of the credit institution system, thereby maintaining the trust of investors, the business community, and people in the business environment.
The Governor emphasized the impact of world market fluctuations on the Vietnamese economy and described the State Bank’s flexible measures in maintaining macroeconomic stability. The results of monetary policy management help control inflation at 3.25% and support economic growth to reach 5.05% in 2023. The Governor also emphasized the importance of maintaining dialogue and cooperation channels. internationally to reduce global risks.
Besides, from the perspective of a manager in the banking sector, the Governor of the State Bank said that in 2024, central banks of countries will face complex policy choices. This situation poses a general requirement for central banks to maintain prudent safety policies in the coming time.
Along with that is ensuring macro safety indicators and implementing inspection and supervision of the banking system safely and effectively. In the process of implementing these tasks, the Governor of the State Bank emphasized that regularly maintaining channels of dialogue and policy exchange between central banks and regional and world financial and monetary organizations is essential. , contributing to limiting spreading risks and joining hands to overcome global difficulties and challenges.
Speaking at the Conference, the speakers highly appreciated the presentation of the Governor of the State Bank and shared the same opinion that in the context of a difficult world economy and under a lot of pressure from inflation, Vietnam is considered a bright spot. economy; The State Bank’s monetary and exchange rate policy management has been implemented appropriately and effectively; making an important contribution to maintaining macroeconomic stability and financial sector stability.
Next, on February 16, 2023, at the 43rd SEACEN Board of Governors Meeting, member Central Bank Governors discussed SEACEN’s operating directions in the coming time, including strengthening Research and training programs, knowledge sharing appropriate to the needs and practical situations of members, and regularly expand professional cooperation with reputable international experts and organizations.
The Governors shared that these efforts will help build and develop SEACEN to become a prestigious training and research center in the region. At the same time, within the framework of the Conference, SEACEN member Central Bank Governors approved SEACEN’s training, research and expected budget activities in 2024.