Banking sector’s goals achievable: SBV Deputy Govenor

16:47 | 05/10/2016 Finance - Banking

Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong expressed optimism about achieving its yearly goals during talks with members of the European Chamber of Commerce and Industry in Hanoi on October 3.

Banking sector’s goals achievable: SBV Deputy Govenor

Deputy Governor of the State Bank of Vietnam (SBV) at the meeting (Photo: bnews.vn)

Early this year, after several banks upped interest rates, the SBV lowered inter-bank rates and maintained suitable monetary supply to ease pressure on deposit and lending rates, Hong said.

The SBV also increased foreign exchange reserves, took measures to stabilize exchange rates and issued more government bonds, she added.

She said that as of the end of September, credit growth neared 11 percent and is forecast to reach 18-20 percent as targeted.

On exchange rates, Hong said that since the beginning of this year, the SBV has fixed daily reference exchange rates based on movements in domestic and global markets, thus stabilising the exchange market.

Affirming that banking restructuring and bad debt settlement is a continuous process, Hong said such efforts from 2011-2015 boosted the restructuring of businesses and financial markets.

According to her, the SBV will consider submitting to the government a scheme on restructuring the system of credit organisations in combination with settling bad debts for 2016-2020, towards keeping bad debts below 3 percent and developing a modern, effective and safe banking system by 2020./.

 

Source: VNA

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