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 Vietnam Needs to Loosen its Monetary Policy

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lexie
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PostSubject: Vietnam Needs to Loosen its Monetary Policy   Mon Nov 28, 2011 2:05 pm

November 28, 2011

Vietnam Needs to Loosen its Monetary Policy

International financial analysts said that Vietnam needs to gradually loosen its monetary policies as too tight policies in the coming time would result in stagnated production, lower production outputs and increasing inflation.


Experts specified that the State Bank of Vietnam should firstly consider removing the rate cap as banks’ liquidity problem could only be resolved when the deposit interest rates were navigated by the market forces.


Particularly, the SBV should commit to provide sufficient working capital to local enterprises, the newspaper said, adding that the central bank needed to remove its administrative measures concerning Loan-To-Deposit Ratio (LTD) as these administrative regulations were easily dodged by commercial banks.


To regulate the flows of funds in the interbank market, the SBV should require large lenders to increase their required reserves, which then can be used to provide short-term loans to small banks, said Le Xuan Nghia, deputy chairman of the National Finance Supervision Committee (NFSC), emphasizing that by doing so, the central bank can strengthen the interbank market and support small lenders without printing more money. Alternatively, the central bank can act as intermediary to channel funds between big and small banks and earn fees, Nghia added.


The SBV should remove 2012 credit growth limit of 20% and use the capital adequacy ratio (CAR) to specify the minimum credit growth at commercial banks, Nghia said.





http://www.vietfinancenews.com/2011/11/vietnam-needs-to-loosen-its-monetary.html





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