In case inflation in 2013 is lower than that in 2012, interest rates will continue to be lowered along with the inflation rate.
The State Bank of Vietnam (SBV) has reported on results of banking activities in 2012 and tasks for 2013.
Based on the results of implementing tasks in 2012 and targets of socio-economic development in 2013 agreed by the National Assembly, the SBV has identified a number of key solutions in 2013.
The SBV confirmed to manage flexibly and synchronously monetary policy measures, to ensure money demand in accordance with the orientation of total means of payment, credit and monetary policy in order to achieve monetary targets.
As for interest rate management, the SBV will continue to apply interest rate ceiling of deposit in VND to stabilise market interest rates, and consider removing the ceiling when the currency market becomes stable and liquidity of credit institutions is improved. If the inflation rate in 2013 is lower than that in 2012, the interest rate ceiling will be adjusted along with changes in inflation.
At the same time, the SBV will grant refinancing loans with appropriate amounts, interest rates and terms to support liquidity and economic developments especially favourable fields, lending buyers of social houses, as well as support the process of settling bad debts and restructuring credit institutions.
Referring to credit management measures, credit growth rate is controlled to reach about 12 percent in 2013 with flexible adjustment in accordance with actual events and conditions. The SBV will not control the proportion of lending to discouraged fields; but keep allowing credit institutions to decide on granting short term loans in foreign currencies for enterprises importing petroleum, and in domestic currency for enterprises producing and exporting to the end of 2013.
Collaborating with the Ministry of Construction (MOC), the SBV will issue and guide the Regulation on social housing loans, consistently with the direction of the Government.
Besides, the SBV will coordinate with ministries and sectors to implement solutions for producing, trading and market support; adjust credit structure in direction of concentrating capital on producing exported goods, agriculture, supporting industries, small and medium sized enterprises, and enterprises applying high technology.
The SBV will also organise and implement credit programmes and policies under the direction of the Government and the Prime Minister; coordinate with the Ministry of Agriculture and Rural Development (MARD) and relevant ministries to assess results and problems when implementing Decree 41/2010/ND-CP in order to propose that the Government adjust and supplement properly; handle with problems of credit activities for industries and economic sectors.
Amend, supplement and complete legal provisions on credit activities in accordance with the Law on Credit Institutions and actual conditions to control strictly and ensure the security of their credit activities, limit the risks incurred.
Management of foreign exchange rates and foreign exchange market will be flexible according to market signals, demand - supply relation, macro balances and changes in international balance of payments. There also will be the coordination with ministries and sectors to implement solutions to increase national foreign currency reserve; enhancing management, controlling and supervision of foreign currency and gold market, handle violations strictly, implement solutions for solving dollarisation and goldisation in the economy.
SBV will continue to organise and arrange the gold market closely, exchanging fully mobilisation and gold lending to relation of buying and selling gold. When gold market operation is stable, SBV will participate in the market as market maker and the last buyer/seller in the gold market to ensure liquidity and increase national foreign exchange reserve in gold.
G.P
Vietnamese
