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VietNamNews

Resolution outlines SBV tasks

Update: March, 15/2013 - 10:00

HCM CITY (VNS)— Under a resolution issued by the Government in February, the State Bank of Viet Nam will be required to regulate its monetary policies in way that would reduce interest rates.

The requirements are expected to help commercial banks increase their credit growth in line with the government's targets set for 2013. They would support production and business activities while ensuring control of inflation.

The government has also asked the central bank to monitor and regulate the exchange rate, so that it stands at a proper level suitable to market demand.

The plans to restructure credit institutions and debts, and to use risk reserves to settle bad debts in 2013, should be implemented soon, the resolution states.

Under the resolution, the central bank is also required to submit credit institutions' bad-debt settlement plans soon, as well as its plans to set up a national asset management company and its charter to the Government for approval.

This year, the central bank will have to closely cooperate with the Ministry of Construction to remove difficulties facing the domestic real estate market.

In addition to the central bank, the Government has also required all ministries, agencies and localities to strictly implement policies and measures that are designed to remove barriers to production and business, support the market and reduce bad debts.

All of this is required in order to stabilise the macro-economy while curbing inflation.

The ministries of Planning and Investment and Finance will have to coordinate with other ministries, agencies and localities to handle existing difficulties to increase the disbursement of public investment capital, Official Development Assistance capital, direct investment capital and private domestic investment for projects that have a major impact on the economy and society. —VNS


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