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 VIETNAM - Central bank governor announces 2012 monetary policies

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PostSubject: VIETNAM - Central bank governor announces 2012 monetary policies   Tue Nov 22, 2011 9:38 am

November 22, 2011

Central bank governor announces 2012 monetary policies

Combating inflation and cutting lending rate will remain the top priorities of its monetary policies next year, said State Bank of Vietnam Governor Nguyen Van Binh at a press briefing yesterday.

Binh told reporters that the government would continue its efforts to curb inflation next year, trying to keep the rate at below 18.5 percent.

To this end, he said, the central bank had increased measures to cut deposit interest rate to 14 percent and lending rate to 18 percent since last August.

Though not specifying the target lending rate next year, Binh said the agency expected the consumer price index to rise by less than 1 percent in the last two months of the year, which would lay the ground for slashing the interest rate and easing businesses’ burdens.

The governor said credit growth as of November 2011 had reached 10 percent and the central bank would try to achieve the full-year target of 13 percent in the last two months.

“If we take into account bank loans that are extended in the form of investment, the figure rises to 15 percent, a strong base for next year,” he said.

He said the National Assembly has approved certain economic development targets for 2012, including a credit growth of 17 percent and an economic growth of 6 to 6.5 percent.

“The central bank will adjust its monetary policies in line with these targets, helping to stabilize the macro-economy and tame the run-away inflation at the same time,” newswire VnEconomy quoted him as saying.

Binh said credit loans of next year will prioritize agricultural development, exporting, supporting industries and small and medium sized enterprises.

Regarding outstanding non-production loans, he said the central bank had directed commercial banks to set aside an appropriate proportion of credit to prioritize low- and middle-income earners and housing projects for low-incomers.

He added that the central bank would continue to monitor inflation to head off any possible bubble in the property market.

“The central bank will balance the proportion of consumption and real estate loans in accordance with the country’s economic development targets next year,” Binh said.

He added that the central bank would ask Agribank to set aside 75 percent to 80 percent of its outstanding loan for the agriculture sector.

“Other banks are also encouraged to earmark 20 percent of its lending volume to the agriculture sector.”


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