AFD Project Phase I turned over to SBV

A ceremony was held in Hanoi on February 26 to turn over the AFD-funded Project Phase I to the State Bank of Vietnam (SBV). The ceremony was attended by SBV Deputy Governor Nguyen Dong Tien, and representatives of the AFD Project Management Unit, the SBV Banking Operations Center, other SBV Departments, the Securities Custody Center, commercial banks and the FPT contractor.

The Project aims at improving and synchronizing software applicable to money market operations including open market operations (OMOs), discounting operations, valuable papers mortgaged loans, overdraft and over-night lending, and development of software of securities custody at the SBV Banking Operations Center in order to manage and conduct the payment transactions of valuable papers between the SBV and credit institutions, and facilitate the development of the valuable papers secondary market.

The Project also facilitates the SBV to speedily respond to market movements by the means of monetary policy tools, to proactively adjust the liquidity and better regulate the capital resources in circulation to meet the defined targets of the monetary policy.

In addition, the Project plays an important role in operations of commercial banks. It has integrated separate programs of OMOs and biddings in to a complete program via internet with logical authorization, high security and adequate data. Especially, this program helps members to closely watch the developments of the monetary policy management of the SBV, and at the same time save the time for transactions. Moreover, the program ensures the transparency and information disclosure, and renovate the management and operational processes to adapt with the innovative technology.

In regard to the innovation of banking operations, the Project formulates a solid basis of an advanced technology directed to automation and modernization in accordance with international standards and enhanced staff capacity.

Through the Project, certain operations of various SBV Departments including the Banking Operations Center, the Credit Department, the Banking Information Technology Department and members of the money market and the Securities Custody Center are linked together. The Project also links to 5 SBV branches as the local payment centers.

Diễm Hằng

SBV

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