As of September 24, the M2 money supply had increased 8.58 percent while outstanding loans provided for the economy had grown 8.64 percent from the end of 2018 (Photo: VNA)Hanoi (VNA) – Credit has been provided forproduction and business activities and the priority fields while loans forhigh-risk areas have been further tightened so far this year, the State Bank ofVietnam (SBV) reported.
At a press conference in Hanoi on October 1, SBVDeputy Governor Dao Minh Tu said the central bank has kept steering themonetary policy in a proactive, flexible and prudent manner, and coordinatingit with the fiscal policy and other macro-economic policies to controlinflation, support economic growth, and stabilise the monetary and forexmarkets.
As of September 24, the M2 money supply hadincreased 8.58 percent compared to the end of 2018. The liquidity of the creditorganisation system has been ensured.
For 2019, the SBV targets that the M2 moneysupply and credit will grow about 13 percent and 14 percent, respectively,which can be adapted to the reality.
Interest rates have been aligned withdevelopments in the macro-economy and the monetary market, Tu said, noting thatamidst many foreign central banks’ reduction of interest rates, the SBV cutannual benchmark interest rates by 0.25 percent on September 16 to continuehelping with the economy and the credit organisation system’s liquidity.
Regarding the forex market, he pointed out therelatively stable exchange rates, which have been adjusted in line with thereality, the market’s ensured liquidity, smooth transactions in foreigncurrencies, and the satisfied legal demand for foreign currencies.
The Deputy Governor said thanks to those moves,the banking sector has basically met businesses and people’s demand forcapital.
As of September 24, outstanding loans providedfor the economy had grown 8.64 percent from the end of 2018, he noted.
For the rest of 2019, the SBV will continuepromoting capital supply for production and business fields, especially thepriority ones, and facilitating businesses and people’s access to credit.
Statistics also show improvements relevant tonon-cash payment.
In the first seven months of 2019, financial transactions viathe internet numbered more than 226 million with a combined value of some 10.9quadrillion VND (470.2 billion USD), respectively up 51.8 percent and 18.3percent year on year. Meanwhile, there were nearly 202 million transactions viamobile phone worth over 2.09 quadrillion VND, up 104.9 percent and 155.3percent, respectively./.
VNA
