The Hanoitimes - The State Bank of Vietnam (SBV) should take prompt action to complete a system of mechanisms for strengthening banking inspection, said Deputy Prime Minister Vu Van Ninh.
Deputy PM Ninh made the request at a working session with the SBV on August 25. He asked the SBV to analyse business difficulties and give priority to each type of business transaction, especially the profit sharing between banks and businesses during the gloomy economic situation.
Regarding the gold market, the SBV should have long-term policies to stabilize the foreign exchange market and narrow the gap between the domestic and global prices of gold, Mr. Ninh said.
According to SBV, it will maintain lending interest rates and will only lower them when the rate of inflation drops.
The 14 percent ceiling on deposit rates will also be maintained to help credit institutions lower their lending interest rates, the SBV said, adding that they will be removed when need be.
The SBV will work with commercial banks to lower lending interest rates for the production sector to 17-19 percent a year.
The SBV has kept a close watch on the foreign exchange and gold markets to take appropriate management measures. It has also submitted to the government measures to stabilize gold prices in the short term and mobilise gold from the economy to increase the foreign exchange reserves, and a draft decree on gold production and business.