Vietnam Central Bank Withdraws VND35 Tln So Far, Says Governor

Nguyen Van Giau, governor of the State Bank of Vietnam, the country's central bank, has told lawmakers during Nov 12's morning question & answer session of the National Assembly that SBV had withdrawn a total VND35 trillion (US$2.05 billion) in the fight against galloping inflation in the first ten months.

 

Giau also said that credit growth reached 19 per cent in Jan-Oct, lower than the year's 30 per cent target, so SBV will request local banks to increase lending to local enterprises to boost domestic production, exports and agricultural production as well as effective realty projects in the remaining months of the year, Vietnam Television said.

 

Chairman of the Vietnamese national assembly Nguyen Phu Trong requested the government of Vietnam, particularly SBV to continue flexibly the tight monetary policies in the context of the global financial crisis.

 

State media said that up to 20 per cent of roughly 350,000 small and medium enterprises (SMEs) are at bankruptcy threats and need supportive hands from local banks.

 

Morgan Stanley recently remarked that Vietnam's economy is on the right track after the country's central bank cut benchmark rates to 12 per cent and lowered compulsory reserves. (VTV)