01/03/2016 10:09 GMT+7 Email Print Like 0

SBV asks lenders to back policies to control inflation, boost growth

Hanoi, February 29 (VNA) — The State Bank of Vietnam (SBV) has called on lenders to carry out proper monetary policies and assure secure and efficient operations this year.

The SBV Governor Nguyen Van Binh said in Directive No 01/CT-NHNN issued earlier this week that these were needed to support national goals of controlling inflation, stabilising the macro-economy and boosting economic growth in 2016.

The SBV will run the banking system, which includes domestic credit institutions and foreign bank branches, with active and flexible monetary policies in tight conjunction with fiscal and other macro-economic policies.

The central bank targets growth rates of 16 percent to 18 percent for total money supplies, and 18 percent of 20 percent for overall outstanding loans in the system. The figures may be adjusted based on the real situation.

It urged lenders to continue to create advantageous conditions for enterprises, cooperatives and households to access loans, helping them enhance efficiency in their production and business activities.

The SBV will continue to speed up the restructuring of credit institutions and drastically handle weak lenders, in a bid to improve lending quality and maintain the bad debt ratio at less than three percent of the overall outstanding loans.

Governor Binh's directive is in line with the government's resolution on socio-economic development plans in 2016, following which this year's inflation will reach less than five percent and gross domestic product growth will be around 6.7 percent. 
VNA/VNP