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Tight but flexible monetary policies continue

VGP - It is necessary to adopt flexible measures to realize the Resolution 11’s goals of curbing inflation, stabilizing macro-economy and ensuring social security, Deputy PM Vũ Văn Ninh said when working with the State Bank of Việt Nam on August 25.

August 26, 2011 7:50 AM GMT+7

Deputy PM Vũ Văn Ninh: “The recent monetary policy adoption of the State Bank of Việt Nam is good, showing many bright spots.” – Photo: VGP

The central bank’s focal tasks in the remaining months of this year are continuing to implement tight but flexible monetary policies, paying special attention to ensuring the liquidity and safety of credit systems; and keeping on using policy tools effectively to lessen inflation pressures and lower interest rates gradually.

To this end, the central bank will take synchronous measures, including regulating money supply, ensuring the credit growth of below 20% and foreign exchange liquidity, increasing foreign reserves, keeping basic interest rates unchanged, considering lower interest rates in case of deflation, continuing to keep the ceiling mobilization interest rate of 14%, and trying to remove the cap if possible.

Photo: VGP

Regarding the gold market, the State Bank of Việt Nam is building up a scheme on stabilizing gold prices in the short term, mobilizing gold in society to increase foreign reserves, and submitting to the Government a draft decree on gold production and trade management.

The central bank will try to help keep inflation in 2012 at one-digit rate, total payment rise of 17-19%, and total outstanding loan increase of 18 – 21%.

Concluding the working session, Deputy PM Vũ Văn Ninh said the central bank has recently done its tasks well, helping curb inflation and stabilize macro-economy.

By Ngọc Vân