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SBV plays key role in financial system: forum

Update: June, 03/2014 - 09:27
Photo vietnamnet
HA NOI (VNS)  — The State Bank of Viet Nam's (SBV) key role in stabilising the monetary and financial system topped the agenda at a recent seminar in Ha Noi.

Recognising the SBV's role in overseeing the financial system, participants at the forum noted that banks and financial companies managed by the SBV made up 90 per cent of the total assets of financial organisations in Viet Nam.

Central banks around the world are aware of the importance of financial stability, which serves as an essential condition for macroeconomic stability, they said.

Affirming the State Bank's role in stabilising the financial system, economist Vu Dinh Anh said it was necessary to create a mechanism to coordinate information on the financial sector, to improve oversight.

If all relevant agencies recognised how vital monetary and financial stability was, there would be significant potential for collaboration, he said.

Sharing the same view, banking expert Can Van Luc said there was no perfect financial and monetary stabilisation model but that the central bank was playing an increasingly important role.

He also emphasised the need to coordinate policy between the State Bank and the relevant ministries, and build a transparent deposit insurance tool in case of a crisis.

He also proposed the establishment of an international financial and monetary council with the State Bank as the main actor.

Participants also suggested the SBV closely follow the financial system's developments and recommend suitable monetary policies. — VNS

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