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Banking & Finance

SBV reports on performance of banking sector

Released at: 17:14, 25/12/2015

SBV reports on performance of banking sector

Central bank tells media of sector's performance over the course of 2015.

by Son Ho

On December 24 the State Bank of Vietnam (SBV) held a press conference to summarize activities in the banking sector during 2015.

The amount of money poured into the economy has been fully managed in accordance with the aim of keeping exchange rates stable, controlling inflation, and increasing credit at a reasonable rate.

Total payment means as at December 21 had increased 13.55 per cent year-on-year, which is suitable with the current macro-economic conditions, monetary policy, and management of the SBV.

As at December 21 capital raising had increased 13.59 per cent compared to 2014, assisting credit institutions to provide capital to the economy.

Interest rates fell by 0.2 to 0.5 per cent, making a positive contribution to business and production activities while ensuring stability in the money market and foreign exchange market.

For 2016 the SBV expects credit growth to come in at 18 to 20 per cent. It will proactively manage the foreign exchange market and the gold market to reduce the influence of dollars and gold on the economy. This will also promote the use of non-cash payments.

The central bank will also implement proactive and flexible monetary policy in coordination with fiscal policy and macro-economic policy to control inflation to less than 5 per cent, to contribute to economic growth of 6 to 7 per cent and stabilize the macro-economy.

In 2015 the SBV maintained the interest rate ceiling on VND while lowering the ceiling on USD, in order to establish a reasonable gap between the two.


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