Monetary policy on right track: Governor

Governor of State Bank of Việt Nam Nguyễn Văn Giàu

In the first five months of this year, overall credit grew at 6.92% compared to 7.46% of the same period last year, making the Government’s set credit growth target of 20% attainable this year.

Credit capital has been prioritized for production as part of the effort to slash down inflation, the Governor said.

For agriculture production and export sectors, the credit growth expanded at 25% meanwhile the rate in non-production sector dipped to 16.91% in the reviewed period compared to 18.87% of last year’s second half.

Governor Giàu said that monetary policy basically remains unchanged and will be regulated flexibly following the Government’s recent decision to lower the inflation rate down to 15% and GDP to 6% in 2011.

“The State Bank of Việt Nam is determined to realize the set targets of credit growth and total payment means increase,” asserted Governor Giàu.

He said that a project on restructuring the banking system is under construction in a bid to improve the system’s quality, efficiency and safety.

By Hải Minh