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Monetary policies have contributed to economics recovery with better growth and inflation rein-in to ensure social security for the sake of macro-economics stabilization.

Relative steady monetary market

In the first months of 2010 socio-economic status has transformed actively with high growth and important objectives met.

Contributing to such achievements were efforts of Vietnam State’s Bank in planning and implementing monetary policies to control money reasonably. Interest rates are adjusted in line with macro balances while payment security is maintained and supported to be conformed to Resolutions proposed by National Assembly and government.

To do so, the State’s Bank has supported larger liquidity for accounts of longer terms in commercial banks by capital financing, open market, currencies exchange and buying, and increase of foreign currency reserves. Besides, commercial banks are demanded to support interest rates of VND-short-term loans emerged in 2009 and extend the support to medium and long-term loans to agriculture and industry. As a result, the State’s Bank has put monetary market and interest rates under control. Deposits of residents and investment of economic organizations have increased while cash liquidity basically satisfied demand of economic development. Foreign currency status of commercial banks is balanced the by banks themselves with free market exchange close to official exchange rates supporting economic growth and preventing before-hand inflation and building up trust among enterprise and people.

Challenges remain high

Despite encouraging achievements in the first months of the year, challenges are still ahead in non-stop fluctuation of global and domestic economics. CPI in the first 4 months has increased by 4.27% while the inflation objective of 7% is still too high.

Fiscal selection will be more difficult due to complexity and situations beyond economics laws in the face of post financial crisis and debt crisis waves from European countries.

Monetary policies in 2010 will cope up with obstacles emerged from prolonged trade and budget deficits as well as low capital efficiency and inflation risks and unsustainable recovery of global economics.

Reported by Truc Huynh – Translated by Vi Bao