|
Monthly information on banking activities (January, 2011)
I- State Bank of Vietnam activities:
1. To implement Resolution No. 02/NQ-CP of the Government dated January 9, 2011 on key solutions in guiding and managing the implementation of the Socio-Economic Development and the State Budgeting Plan in 2011, the State Bank of Vietnam (SBV) issued the Action Plan of the banking sector for 2011 with 11 sets of tasks and 26 specific undertakings in order to contribute to meeting the targets of socio-economic development in 2011 set by the National Assembly and the Government.
2. In response to the Government’s directives on prudent monetary policy management in early 2011, the SBV carried out specific tasks in January as follows:
- To maintain the refinancing and base interest rates at 9% p.a , and rediscount rate at 7% p.a.
- To flexibly manage monetary policy instruments (Open market operations (OMOs), refinancing, and foreign currency swaps) in order to support the liquidity for credit institutions, ensure safe banking operations and maintain a stable money market during the Lunar New Year of the Cat.
- To require SBV entities and credit institutions to continue strictly implementing the measures stipulated in Directive No.04 /CT-NHNN dated November 4th, 2010 on the implementation of monetary, credit and banking solutions in order to contribute to price and macro-economic stabilization and Document No. 9551/NHNN-CSTT dated December 8, 2010 on the implementation of Directive No. 2164/CT-TTg of the Prime Minister dated November 30, 2010, hence contributing to boosting production and stabilizing prices during the Lunar New Year of the Cat and the first quarter of 2011.
- To coordinate with the municipal and provincial People's Committees to guide the relevant specialized agencies in their locations to monitor and deal with all cases of speculation, hoarding and illegal trading of gold and foreign currencies, specially before and during the Lunar New Year of the Cat; and to direct the SBV municipal and provincial branches to formulate the 2011 inter-sectoral inspection plans to be submitted to their local people’s committees for approval. These plans will be implemented with the coordination of their relevant specialized agencies.
3. To ensure a safe vault and ATM network during the Lunar New Year of the Cat, the SBV came up with the following requirements :
- For functional entities of the banking sector: to take measures to protect cash, assets, and valuable papers, and cash transport and vaults, especially in complicated areas, round-the-clock during the Lunar New Year Festival. The municipal and provincial People's Committees were requested to direct the police forces to assist the protection of the vaults for the banking sector.
- For the card issuers: they should direct their units of the entire network to coordinate with local public security agencies to ensure safe operations of ATMs; to enhance ATM crime information and warning to the public, to ensure smooth operations of ATMs during the Lunar New Year holiday; and to provide the most convenient ATM services to customers with the regular guidance and assistance of the SBV municipal and provincial branches.
II. Credit and Monetary development
1. Interest rates:
The mobilizing and lending rates slightly changed in comparison with those of end 2010: the average VND mobilizing rate was 12.44% p.a under increasing pressure; the average lending rate was 15.74% p.a ; the lending rates of short terms were commonly at 16% - 17% p.a; the rates for non- productive sector (real estate, securities and personal loans) were 18 – 20% p.a; and the rates for rural and agricultural production, and exporters were commonly at 14-16% p.a.
The USD mobilizing rates were up by 0.5 – 1% percentage points p.a as compared to end December, 2010. The average mobilizing and lending rates were commonly at 4.17% p.a and 6.37% p.a respectively.
2. Exchange rate:
The inter – bank VND / USD exchange rate was stable at 18,932 in the official market while commercial banks quoted their exchange rates at 19,495 – 19,500 VND/USD. The VND / USD exchange rate in the parallel market slightly fluctuated, ranging between 20,980 - 21,050.
The gold price fluctuated in line with the international gold price movement, at VND 35.33 - 35.41 million/tael.
3. Fund mobilization
The total deposits with credit institutions by January 21 was estimated to decrease by 2.46% as compared to the previous month, of which VND deposits was down by 4.12% and foreign currency deposits by 4.43%.
4. Credit to the economy
Credit to the economy by January 21 was estimated to increase by 0.43% as compared to the previous month, of which VND investment decreased by 0.09% and foreign currency investment was up by 2.37%.
5. Total liquidity
The total liquidity by January 21 was estimated to decrease by 0.33% as compared to the previous month, of which the cash in circulation increased by 12.54%.
sbv
|
