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To ensure the stability for currency market on Tet, right from the end of Dec. 2009, the State Bank (SB) actively built and launched synchronous measures. Therefore, activities of banking sector on Tet took place effectively.

Banks launch measures to meet clients’ cash demand.

Payment system goes on smoothly

To assure cash payment for bodies and people, SB has boosted loan supports for credit organizations through measures of boosting open market operations, starting from Dec. 31, 2009. Besides, SB has steered commercial banks to prepare for business capital, ensure loans based on mobilization balance, check deposit withdraw plans of the State Treasure, social insurance and clients as well as promote measures to ensure the smooth operations of payment system.

Besides, banks have actively mapped out plans and excelled cash change work nationwide, timely meeting the demand on cash for clients. Banks in cooperation with the Ministry of Public Security, Railway Corporation, and Aviation Corporation assure safety for cash transport.

Banking operation is in right way

Thanks to synchronous measures of stabilizing currency market, there were no big changes in the past holiday. Most of banks have enough ability to satisfy clients’ demand on payment.

From the end of Jan. 2010, foreign currency market was in tense situation, especially in the days near Tet. To balance supply and demand of foreign currency, boost circulation of the market and control excess of imports over exports and stabilize macro-economy, the SB’s governor on Feb. 10 issued a circular No.03, stipulating US$ deposit rates at 1% per annum and adjusting inter-banking average exchange rate at 18,544 VND/US$.

After the issuance, foreign exchange market has witnessed significant changes. Moreover, gold exchange rate on free market has declined, after the SB launched measures of gold market control.

According to experts, SB had a proper intervention to support foreign currency for import demand. Especially, US$ deposit rates at credit organizations sharply decreased after SB stipulated maximum rates in US$. Activities of banks have over the past time ensured safety. To date, operation of state-run commercial and joint stock banks goes on smoothly, promising a safe and advantageous year.