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Market stability
In October, responding to the effects of psychological factors and complicated world economic development on the market, the SBV promptly provided liquidity to support the banking system, SBV Governor Nguyen Thi Hong said.
She added that while the monetary and foreign exchange markets are under pressure, this is the case in many countries around the world, not just Vietnam. Hong said it is inevitable for Vietnam’s economy and currency to be affected by adverse impacts of the world market as the country has integrated deeply into the world economy. Vietnam, therefore, has to proactively deal with the fluctuations. “The market is now evolving in a positive way, and market sentiment is calm now,” Hong said.
The central bank assessed that credit institutions have ensured operational safety indicators according to the SBV’s regulations. However, in order to respond to the complicated fluctuations of the global and domestic economy, credit institutions themselves found that it was necessary to review and evaluate their performance more carefully and ensure the banking system is safe.
According to the governor, the SBV recently held an emergency meeting with credit institutions to discuss liquidity in the banking system. At the event, credit institutions agreed that in the current context, they needed to strengthen their solidarity, trust and support for each other for the sake of ensuring the safety of both the overall banking system and each credit institution.
Proposed solutions
The governor said that the SBV as well as other ministries and sectors need to strengthen forecasts, analysis and update new developments to proactively come up with timely and effective solutions. It is necessary to coordinate overall macroeconomic policies, not only monetary policies, she said.
The government and the prime minister have been directing to accelerate the disbursement of public investment and implement expansionary fiscal policies, which will help ease pressure on the currency and credit of the banking system. The government’s trade promotion policies to boost exports and foreign investment attraction are also expected to improve the supply and demand of foreign currencies as well as reduce pressure on the exchange rate.
Monetary policies will be managed in a harmonious relationship with fiscal and other macroeconomic policies as well as overall solutions of the government and the prime minister to achieve macroeconomic stability, control inflation, ensure the economy’s major balances, and ensure social security, Hong said.
| Speaking at a Q&A session of the National Assembly on November 3, SBV Governor Nguyen Thi Hong said that with inflation control and bank safety top priorities, easing credit for the real estate sector would undermine the SBV's monetary policy goals. |
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