Deputy Governor of the State Bank: Stabilize currency value, create confidence for investors

(NLDO) – The banking industry is always proactive and flexible in managing monetary policy, protecting the national currency...

This is the sharing of the Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu about the journey of the banking industry over the past 74 years, on the occasion of the 80th anniversary of National Day September 2. Since its establishment in 1951, along with the ups and downs of the nation's history, the State Bank of Vietnam has affirmed its role as a solid pillar of the economy .

Banks are the main channel of capital supply for the economy.

According to Mr. Dao Minh Tu, in each period, the banking industry has always been proactive and flexible in operating monetary policy, protecting the national currency, contributing to controlling inflation, stabilizing the macro economy, and promoting sustainable growth.

Permanent Deputy Governor of the State Bank Dao Minh Tu

The State Bank has gradually improved and innovated monetary policy tools, increasingly moving closer to modern central banking operations, in line with international practices and the development trend of the country's economy.

With a developing economy, in which the banking system is the main capital supply channel for the economy, monetary policy has played a role as one of the important macroeconomic policies of the Government in promoting economic growth, towards rapid and sustainable economic development.

Governor of the State Bank Nguyen Thi Hong and leaders of commercial banks at the National Achievement Exhibition "80 Years of the Journey of Independence - Freedom - Happiness" in Hanoi on the occasion of September 2nd holiday

"Throughout its history, the State Bank has always been steadfast and consistent in its goal of controlling inflation and stabilizing the macro-economy, considering this the top priority in the process of managing monetary policy. A stable macro-economy and controlled inflation are the premise for developing the country's economy, consolidating a solid foundation, maintaining the confidence of investors, the business community, and people in the business environment. Thereby helping to attract foreign investment capital, mobilize and optimally allocate resources" - Mr. Dao Minh Tu emphasized.

Create stability in currency value

In particular, over the past 10 years and before, the State Bank has contributed to successfully controlling inflation in line with the targets set by the National Assembly and the Government and anchoring inflation expectations to a stable level - the target is below 4.5%. This is one of the biggest and most important political goals, the fundamental foundation for creating economic stability, creating stability in the value of money, creating confidence in the economy and domestic and foreign investors.

The "Vietnam Banks - 74 years of trust and pride" section marks the journey of the banking industry's formation, construction, innovation and international integration, at the Country's Achievements Exhibition.

The money market operates stably, the lending interest rate tends to decrease to support businesses, borrowers and directly support economic growth. The basic exchange rate is stable, the foreign exchange market is smooth, and legitimate foreign currency needs are fully met.

"Not only ensuring finance for the resistance war, the banking sector also contributed to creating a foundation of monetary independence and economic and financial sovereignty, contributing to the great victory of the Spring of 1975, unifying the country, unifying the currency, and unifying the people's hearts" - the State Bank's permanent deputy governor affirmed.

Looking forward to 2045 - the important milestone of the 100th anniversary of the nation's independence, the State Bank has determined its strategic goal to continue to firmly follow the Party's leadership. At the same time, it will promote proactiveness, positivity, creativity and high responsibility, closely coordinate with ministries, branches and localities to best achieve the country's common development goals.

Source: https://nld.com.vn/pho-thong-doc-ngan-hang-nha-nuoc-on-dinh-gia-tri-dong-tien-tao-niem-tin-cho-nha-dau-tu-19625090216070604.htm