Vietnam's central bank furthers monetary policy tightening
20/6/2008 17:39
The State Bank of Vietnam, the country's central bank, announced on June
19 further tightening of monetary policy in the second half of this year to
fight inflation and stabilize the domestic monetary market, local newspaper
Vietnam News reported today.
The bank is determined to keep Vietnam's credit
growth under 30 percent in 2008 through flexible management of exchange rate
instruments, open market operations and refinancing activities.
It said the
credit system would be closely monitored in terms of credit quality, lending for
realty investment, business on valuable papers, consumer loans, and other
trading on foreign currencies and gold.
Credit loans or investment will be
saved for effective business, particularly in farm production and export sector.
Loans will be limited for non-production sectors.
The bank also plans to form
a master project to prevent speculation on foreign currency on the black market.
It has restricted illegal foreign currency trading, and tried to bring the black
market's exchange rate back toward the official rate.
Xinhua
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