PM orders breakthroughs in banking sector
Updated : Friday, January 11, 2019 2:29 PM (GMT+0700)

Prime Minister NguyenXuan Phuc has ordered the banking sector to orientate itself in line with theGovernment’s spirit of breakthroughs.

 
Prime Minister Nguyen Xuan Phuc (middle) at the event - Photo: VNA

Attending the meeting in Hanoi on January 9 to launch tasksfor the banking sector, PM Phuc ordered the State Bank of Vietnam (SBV) tocontinue its flexible monetary policy as well as work to stabilise themacro-economy, paving the way for other sectors to thrive.

He underlined that this is a daunting task, requiring preciseand rational management.

Hailing the banking sector’s contributions to the nation’smacro-economic stability in 2018, PM Phuc said that the SBV’s monetary policywas carried out in harmony with other macro-policies, which was important tokeep the average inflation at 3.54 percent and below the ceiling target.

More specifically, in the context of complicated andunexpected developments of the global economy, the SVB’s policies createdfavourable conditions for domestic business and production, as well as helpedincrease the nation’s foreign exchange reserves to more than 60 billion USD.

Thanks to better management capacity, many financialinstitutions with poor performance in previous years showed greater profits in2018, the leader said, adding that comprehensive restructuring in the creditinstitution system in association with bad debt settlement resulted in positiveimpact on the wider economy.

Also, he noted, the shake-up process in some organisationsstill lags behind requirement, that is why internal control and inspections inthe banking sector must be carried out in a more timely manner to hand outstrict punishment to any violation.

At the meeting, leaders of some commercial banks proposedthat the Prime Minister soon increase the chartered capitals for state-ownedcommercial banks.

Meanwhile, the SBV asked the Ministry of Justice and othercompetent ministries and sectors to join hands in handle shortcomings in baddebts settlement.

Source: VNA 

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