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State Bank schedules 12% credit growth

Update: December, 28/2012 - 10:51

HA NOI (VNS)— The State Bank of Viet Nam planned for the nation's lending growth to reach 12 per cent next year, said Monetary Policy Department director Nguyen Thi Hong at a meeting at the central bank's headquarters yesterday.

"In 2013, the bank will manage monetary measures cautiously and flexibly with the aims of controlling inflation, intensifying economic stability and supporting economic growth at reasonable levels," she said. "This will ensure that interest and exchange rates are suitable to developments of inflation and other macro-level balances and the monetary market, help spur the banking system's restructuring process and promote systematic safety."

Hong said that the central bank would closely supervise the supply of money and credit to keep inflation at 8 per cent and economic growth at about 5.5 per cent next year as targeted by the National Assembly, while continuing to supervise credit growth at lending institutions to assure that lending expansion was safe and efficient.

The bank would direct the institutions to concentrate capital on production and business activities, especially for sectors prioritised by the Government, which include agriculture and rural areas, export, support industries, small- and medium-sized enterprises and high-tech areas. For non-prioritised sectors, lending would not be restricted.

The bank would continue to allow lending institutions to offer short-term loans in foreign currencies at their discretion to petrol importers and local businesses involved in exports.

Interest and exchange rates would follow market developments, particularly changes in supply and demand of foreign currencies and international payment balances.

The State Bank would boost co-operation with ministries and sectors to strengthen inspection and management of foreign currency and gold markets, prevent dollarisation in the economy and reduce bad debts.

According to Hong, the country's lending grew 6.45 per cent this year, with credits in dong increasing 8.92 per cent and credits in foreign currencies expanding 3.51 per cent. — VNS

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