State bank announces six-month plan

The State Bank of Viet Nam (SBV) Governor has announced the bank’s focus for the second half of the year will be to control interest and exchange rates, and meet the economy’s demand for capital and foreign currencies.

SBV Governor Nguyen Van Giau said the institution also intends to increase its inspection of credit activities, stabilise the foreign exchange market, follow developments in the international balance of payments and intervene properly in the foreign exchange market.

The Governor said the balance of capital is currently at an equilibrium and confirmed there is not a lack of foreign currency in the country. He added that those that do not follow the law in the purchase of foreign currency with be penalised.

The bank has also pledged to cooperate with relevant ministries and branches to study operations on gold transaction floors.

He said that outstanding debts increased 20 percent in June and the State Bank will maintain the basic interest rate of 14 percent for deposits in VN dong in July and will continue to stabilise interest rates in coming months. (VNA)