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PM, Central Bank discuss economic policies
Prime Minister Nguyen Tan Dung met with officials from Vietnam’s Central Bank at the Government’s monthly meeting on June 27.
They assessed the management of monetary policies and the banking system’s activities over the past six months, as well as outlining solutions for coping with expected difficulties arising in the coming months due to the ongoing global economic crisis.
Banks are requested to keep a close watch on the four percent loan subsidies, and ensure that such loans will go to the right businesses and individuals
Addressing the meeting, the PM emphasized that monetary and fiscal policies play a major role in maintaining and promoting trade and production activities, as they help speed up exports and consumption and ensure social welfare and security.
They also help eradicate hunger and alleviate poverty, stabilize the macro-economy and ensure the safety of the national credit system, he added.
In assessment of the national banking system’s achievements in the first six months of the year, Mr Dung lauded the banking system for having adhered to the Government’s five-point economic plan and effectively carried out monetary policies.
This will no doubt help the country’s economy escape the global financial crisis and maintain economic growth, Mr. Dung said.
He stressed that following the Government’s instructions, banks have loosened monetary policies, stimulated investment demand and guaranteed loans for small and medium-sized businesses.
This has not only helped maintain production and create jobs for workers, but it has also reduced production costs. He pointed out that the industrial production value increased by 2.4 percent in the first quarter and by 6.2 percent in the second quarter.
More than 42,000 businesses have been granted licenses and 90 percent of businesses have resumed their production, noted Mr Dung.
The Prime Minister, however, stressed that the national economy will probably face challenges and difficulties due to unexpected developments in the world economy.
To outline the tasks for the banking system in the next six months, the PM proposed the Central Bank to continue working on key tasks assigned by the Government.
Based on which, the bank is requested to make suitable adjustments to monetary and credit policies to help the nation achieve its growth rate target of five percent.
Another key task assigned to the Central Bank is to prevent the country from possible high inflation between 2009 and 2010.
To do so, the state bank is requested to stabilize interest rates, closely monitor the interest rate subsidy program and tighten the management of exchange rates and foreign exchanges to ensure the banking system’s safe operation.
The Prime Minister emphasized that credit policies should serve the growth targets and requested banks to keep a close watch on the four percent loan subsidies, and ensure that such loans will go to the right businesses and individuals.
Phuong Lan
vietnamplus, sggp
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