5:19:07 PM | 19/3/2008
Vietnam’s central bank said it plans to collect VND52.8 trillion (US$3.3 billion) of the state funds which are held at state-owned banks in order to rein inflation and reduce losses for the State budget.
The State Treasury should send the funds, which were worth VND52.8 trillion as of end-2007, to the central bank’s coffers, the central bank said in a statement published by its website.
Under the current regulations, the State Treasury’s funds must be kept at the State Bank of Vietnam. However, they have been temporarily kept at state-owned banks which are making loans from these funds.
“With thousand billions dong of State Treasury’s temporary funds kept at the state-owned banks, these lenders use it to lend businesses and individuals…making monetary policy makers fail to manage information sufficiently and timely,” the central bank said.
As a result, Vietnam saw a credit growth of 37.8 per cent in 2007, much higher than those of previous years.
The central bank didn’t set deadline for its collection of the funds. (SBV)
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