Consistent orientation of the State Bank's anti-dollarization, ie move from relations and foreign currency loans to related purchase - sale, empowerment of Vietnam dong. Accordingly, the State Bank has persistently implemented solutions roadmap include: gradually shrinking foreign currency credit operations through narrow the target lending in foreign currencies; in conditions suatVND rates fall, descending ceiling deposit interest rate in dollars of organizations and individuals to ensure a reasonable interest rate difference between the USD and VND, which encourages organizations and individuals to sell dollars for Us banks, reduce dollarization and increasing the supply of foreign currency to the market.
in addition, the State bank also discourage foreign currency lending and gradually tighter control on demand for loans by currency; issued circulars to encourage insurers rate risk through the use of derivative instruments, instead of buying foreign currency in advance on account keeping. With the implementation of drastic measures, the state of dollarization in the economy continued to decline, the exchange rate and the foreign exchange market to stabilize, confidence in the Vietnamese dong strengthened. When financial and monetary markets really developed, the State Bank will consider measures to consider raising foreign currency restrictions on the banking system.
2016, State Bank operating rate policy in new ways, more flexible. The way this new exchange rate would enable flexible response rates, more timely with developments in domestic and international. Besides the exchange rate in new ways, the State Bank will implement monetary policy measures to ensure synchronous stability target foreign exchange market, contributing to macroeconomic stability.
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