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VIETNAM - PM Asks for Tight Control on Gold & Forex Market at Year End

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VIETNAM - PM Asks for Tight Control on Gold & Forex Market at Year End

Post  lexie on Thu Nov 17, 2011 12:50 pm

November 17, 2011

PM Asks for Tight Control on Gold & Forex Market at Year End

Prime Minister issued Directive No.2051/CT-TTg on Nov 16, asking the State Bank of Vietnam (SBV) to tightly control the local foreign exchange and gold market in late 2011 and early 2012.

Specifically, the Prime Minister requested the central bank to proactively take bold measures to control the exchange rates and the gold prices; to cooperate with related ministries and government bodies to closely oversee and strictly handle illegal gold and foreign currency hoarding, trading and speculations.

The central bank was also asked to: 1) continue governing the monetary policies closely, efficiently and flexibly; 2) effectively use the interest rate and exchange rate tools to stabilize the local monetary market; 3) manage the money supply reasonably to ensure the liquidity of the entire banking sector and to meet capital demand for production; 4) maintain reasonable credit and M2 growth rates; 5) take measures to curb inflation, stabilize the macro-economy and boost production.

The SBV was also requested to closely monitor, inspect and oversee banks’ credit activities, especially in real estate and stock sectors; and curb bad debts to ensure the health of the whole banking system.


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