Capital funneled into priority fields: central bank Credit has been provided for production and business activities and the priority fields while loans for high-risk areas have been further tightened so far this year, the State Bank of Vietnam (SBV) reported. At a press conference in Hanoi on October 1, SBV Deputy Governor Dao Minh Tu said the central bank has kept steering the monetary policy in a proactive, flexible and prudent manner, and coordinating it with the fiscal policy and other macro-economic policies to control inflation, support economic growth, and stabilise the monetary and forex markets. As of September 24, the M2 money supply had increased 8.58 percent compared to the end of 2018. The liquidity of the credit organisation system has been ensured. For 2019, the SBV targets that the M2 money supply and credit will grow about 13 percent and 14 percent, respectively, which can be adapted to the reality. Interest rates have been aligned with developments in the macro-economy and the monetary market, Tu said, noting that amidst many foreign central banks’ reduction of interest rates, the SBV cut annual benchmark interest rates by 0.25 percent on September 16 to continue helping with the economy and the… Read full this story
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