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Thursday, 18/12/2008 00:00

SBV Governor meets with NBC high-ranking delegation

Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) hosted a meeting at the SBV head office in Hanoi on December 17 with Mr. Chea Chanto, Governor of the National Bank of Cambodia, and his delegation on the occasion of their visit to Vietnam.

The SBV Governor informed his guests of the Vietnamese economic situation over the past time, especially the negative impact of the global economic crisis as the cause of high inflation in Vietnam in early 2008. In face of this complicated happening, the Vietnamese Government introduced an 8 key – point policy package aimed at controlling inflation and stabilizing macro-economy with priority being given to a tight monetary policy. Thanks to these policies, inflation has been well managed and reduced to the rate of 0.18% by the end of September, (-) 0.19% by October, and (-)0.76% by November. Moreover, in the remainder of 2008, the Governor said, the SBV has managed its monetary policy in a more flexible way in compliance with the state-oriented market principles.

Governor Nguyen Van Giau went on to say that according to the Government’s forecast, for 2008, economic growth will remain at a high rate of around 6.7%; export will increase by 34%; trade deficit will be controlled below US$ 19 billion; foreign development investment (FDI) continues to considerably increase with a registered amount of US$ 60.4 billion, of which over US$ 10 billion has been disbursed, and an overall ODA commitment of US$ 5.43 billion with an amount of US$ 1.73 billion already disbursed.

The SBV Governor added that the objective of monetary policy in 2009 is to control the inflation rate below 15%, to actively prevent the economic downturn, to achieve the economic growth rate of 6.5%; and to promote production, trade, investment, consumption and social protection. At the same time, he said, the SBV will focus on conducting indirect monetary policy instruments, managing the exchange rate in a flexible manner, closely supervising operations of credit institutions, and improving public information and communication.

For his part, NBC Governor Chea Chanto spoke highly of the achievements of Vietnam over the past years He went on by asserting that the successes obtained by the SBV in managing the monetary policy instruments in an active and flexible way to achieve the set objectives will serve as valuable experiences for his country.

At the end of the meeting, the two Governors signed a Memorandum of Understanding on Exchange of Banking Supervision Information. This document will create a legal framework for the two central banks to further promote effective and prudent performance for the commercial banks of the two countries in the current context of competitiveness and international integration. This event also marked a new development of the traditional relationship between the SBV and the NBC.

SBV

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