SBV urged to keep close watch on currency market

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VOV News English - 43 month(s) ago 2 readings

SBV urged to keep close watch on currency market

(VOV) - The State Bank of Vietnam should keep a close watch on the monetary market to deal with problems related to interest rates, ensure liquidity, and stabilize the interbank interest rates, said Prime Minister Nguyen Tan Dung.

PM Dung made the request at the 60th anniversary of the banking sector (May 6) on April 27.

He asked the SBV to associate the monetary and financial policies to successfully curb inflation, stabilize the macro economy, and ensure social welfares.

The Government leader spoke highly of the efforts made by the sector in its 60 years, which contributes to the country’s achievements.

Especially, in the renewal process, the SBV has restructured its monetary mechanism to boost Vietnam’s multi-sector commodity economy and control inflation, said Mr. Dung, adding that it has fulfilled its mission of state management of currency and banking activities and successfully implemented the function of a central bank.

With well-trained staff and modern equipment, the SBV has contributed greatly to the restructuring of the economy, poverty reduction, improving people’s living conditions, and boosting monetary circulation.

However, Mr. Dung said, in order to make Vietnam become an industrial country by 2020, the sector should make greater efforts to fulfill its mission.

The banking system should become an effective tool for macroeconomic adjustments and the sustainability and stability of the socio-economy, the PM said.

He also urged the SBV to develop a modern banking system, a synchronous legal mechanism, and the banking services to meet the demands of the socio-economy.

The Government leader expressed his belief that all the staff of the SBV will iron out snags to make greater contributions to national construction.

SBV Governor Nguyen Van Giau said the SBV has done its best to improve the effectiveness of state management on banking activities. The scale and quality of the credit organizations have seen significant improvements.

On the same day, the Party and State granted the SBV the Gold Star Order and the Ho Chi Minh Order in recognition of its contribution to the country. Two SBV’s units were also awarded the title “hero of the people’s armed forces”.

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