PM asks ministries to keep close eyes on prices

Interest rates, exchange rate and gold trade gradually demonstrate stable, showing positive effects of the Government’s monetary policy on calming down the market, said the State Bank of Vietnam.

At the conference on achievements resulted by the Resolution 11 on stabilizing the domestic market issued three weeks ago, the bank said that average deposit rates of Vietnam dong less changed like those in January, at 13.4 percent and interest rate is kept at 16.23 percent.

Deposit rates of US dollar are more stable than rates in January, at 4.2 percent, the bank added.

In its report, the bank said export sharply increased while GDP growth in the first quarter was expected at 5.4-5.6 percent, social security policies were kept alive.

“The market shows that the government’s policy on regulating interest, exchange rates and gold trade has positive effects.

“However, the macro economy is still unstable; interest rates remain high, and food prices continuously increase, influence production and life”.

Concluding the conference, Prime Minister Nguyen Tan Dung appreciated attempts by ministries and local governments in carrying out the Resolution 11, bringing initial achievements.

The PM asked ministries and local governments to ensure demand of foreign currencies by businesses and individuals during regulating foreign currencies and gold trade.

He required ministries and local governments to be cautious in the monetary policy, and determinately to fight against dollarization and gold manipulation in the economy by closer controlling over gold and exchange rate markets, strictly fining those who illegally trade US dollars.

The PM also asked ministries to increase export, cut down import to narrow trade gap.

Regarding to measures to curb expense, the PM called for urgently dwindling public investment, stopping unnecessary expenditure and ordering energy save

Relating on prices, he said that local governments needed to set up a task group to control over food prices, foreign currencies and gold trade.

Ministries and local government also were asked to ensure enough essential goods and food, focus social farewells.

sggp

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