Update news vietnam's monetary market
Over VND360,000 billion earlier withdrawn by the State Bank of Vietnam (SBV), the central bank, through its issues of Treasury bills has been injected into the banking system.
The State Bank of Vietnam (SBV) has ceased bill issue after nearly two months of using the channel to withdraw cash out of the banking system.
Analysts say that the dong/dollar exchange rate is still ‘volatile’ despite the central bank’s recent strong intervention. However, the State Bank (SBV) has efficient tools to maintain the exchange rate and interest rate stability.
As of the end of September, the economy recorded over 12.7 quadrillion VND (517.5 billion USD) in credit, up 6.92% from the end of 2022.
Vietnam’s businesses are viewed as resilient combatants who can adapt to difficult circumstances and struggle hard to survive. But they also need support.
While investors are excited about bright economic prospects, stock prices have suddenly dropped amid continued dollar price increases and the central bank’s move of withdrawing money from circulation.
The State Bank of Vietnam (SBV) has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.
Prime Minister Pham Minh Chinh has issued a directive aimed at fostering economic growth by further reducing interest rates and revising up the credit growth limit.
Instead of accessing bank loans, many enterprises lacking working capital have decided to borrow capital from their bosses or other individuals. The advantages of the deals are the simple procedures.
The draft law on credit institutions (amended) stipulates early intervention measures in some cases to help prevent banks from falling into insolvency and massive money withdrawals, which occurred with SCB Bank recently.
Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha has said that interest rates will continue to decrease to help enterprises and the national economy recover.
In a report to National Assembly Deputies, the Ministry of Planning and Investment (MPI) replied to the opinion requesting to prepare for the scenario of the US declaring debt default.