IMF urges Vietnam to establish independent central bank

[Sweetybird]

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IMF urges Vietnam to establish independent central bank

Parliamentary Economic Committee: The dollar out of the market affects the strength of the Iraqi dinar

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Wardi calls Maliki to reveal deals with Kuwaiti side to parliament

Iraq’s Ambassador to the US visits US National Archive; Inspects Iraqi documents

Twitter Live Feed

IMF urges Vietnam to establish independent central bank http://t.co/1up1Na13 2 hours ago

Parliamentary Economic Committee: The dollar out of the market affects the strength of the Iraqi dinar http://t.co/3hlYPdxx 6 hours ago

Embarking upon the Iraqi government bonds in international markets http://t.co/UJOFmr0Q 7 hours ago

Happy St. Patrick’s Day http://t.co/ytEnAJeq 8 hours ago

Arab parliamentary calls for the integration summit to tackle poverty in Baghdad http://t.co/fwnvj0Tw 8 hours ago

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IMF urges Vietnam to establish independent central bank

Posted: March 17, 2012 in Asian Currency Markets

Tags: Central bank, Hanoi, Hoang Trung Hai, Inflation, International Monetary Fund, Monetary policy, State Bank of Vietnam, Vietnam

MARCH 15, 2012

VietFinanceNews.com – Vietnam needs to set up an independent central bank to deploy the monetary policy with the basic objectives to stabilize prices and curb inflation, said experts of the International Monetary Fund (IMF).

The central bank needs more specific and independent tasks, said IMF senior economist Rina Bhattacharya at a seminar discussing policy challenges of Vietnam in transition to a middle-income economy held by IMF and the State Bank of Vietnam (SBV) in Hanoi on Wednesday.

“We find that the central bank has been pursuing multiple objectives that sometimes contradict one another,” she told the seminar.

The economist cited Section 1, Article 4 of the 2010 State Bank Law saying the central bank’s functions are to stabilize the domestic currency value, ensure the security and efficiency of the banking system as well as the payment system, and contribute to the socio-economic development with socialism orientation.

She noted tackling inflation is not the sole objective of SBV, and sometimes the central bank is also obliged to help bolster economic growth. “This denotes a problem in macro-economic management in Vietnam,” said Bhattacharya.

Moreover, the economist said Vietnam’s monetary policy lacks transparency and predictability, leaving a negative impact on interest rates, growth and inflation.

In addition, although the real interest rate tool has great effect on core inflation in Vietnam, it has yet to be fully utilized to fight the inflation that is now the highest among the Asian developing countries.

IMF remarked that inflation reached its peak of 20.3% in the third quarter last year due to the loosened monetary policy. “Vietnam should aim at price stabilization and inflation curbing as the main targets,” said Bhattacharya.

SBV deputy governor Le Minh Hung did not mention the establishment of an independent central bank when delivering his speech at the seminar. He informed SBV in the coming time will operate the monetary policy based on target inflation in order to further stabilize the macro-economy and restrain inflation.

The deputy governor committed SBV will closely follow the market changes and the macro-economic situation to regulate interest rates and forex rates in a bid to improve the efficiency and effectiveness of the monetary policy.

IMF’s suggestion on independent central bank establishment is not a new idea, as the organization made the same recommendation in the late 1990s. The model has been discussed in Vietnam for several occasions.

At the Vietnam economic forum held by the The Economist magazine early this year, Deputy Prime Minister Hoang Trung Hai said the Government is considering whether to establish an independent central bank given the inflation changes.

http://bit.ly/y0mz4B

[Elixirbaby]

Did My dong just rise.

[Sweetybird]

So Sorry about all the junk that was attached. Here's the article in shorter form... I hope!

IMF urges Vietnam to establish independent central bank

Posted: March 17, 2012 in Asian Currency Markets

Tags: Central bank, Hanoi, Hoang Trung Hai, Inflation, International Monetary Fund, Monetary policy, State Bank of Vietnam, Vietnam

MARCH 15, 2012

VietFinanceNews.com – Vietnam needs to set up an independent central bank to deploy the monetary policy with the basic objectives to stabilize prices and curb inflation, said experts of the International Monetary Fund (IMF).

The central bank needs more specific and independent tasks, said IMF senior economist Rina Bhattacharya at a seminar discussing policy challenges of Vietnam in transition to a middle-income economy held by IMF and the State Bank of Vietnam (SBV) in Hanoi on Wednesday.

“We find that the central bank has been pursuing multiple objectives that sometimes contradict one another,” she told the seminar.

The economist cited Section 1, Article 4 of the 2010 State Bank Law saying the central bank’s functions are to stabilize the domestic currency value, ensure the security and efficiency of the banking system as well as the payment system, and contribute to the socio-economic development with socialism orientation.

She noted tackling inflation is not the sole objective of SBV, and sometimes the central bank is also obliged to help bolster economic growth. “This denotes a problem in macro-economic management in Vietnam,” said Bhattacharya.

Moreover, the economist said Vietnam’s monetary policy lacks transparency and predictability, leaving a negative impact on interest rates, growth and inflation.

In addition, although the real interest rate tool has great effect on core inflation in Vietnam, it has yet to be fully utilized to fight the inflation that is now the highest among the Asian developing countries.

IMF remarked that inflation reached its peak of 20.3% in the third quarter last year due to the loosened monetary policy. “Vietnam should aim at price stabilization and inflation curbing as the main targets,” said Bhattacharya.

SBV deputy governor Le Minh Hung did not mention the establishment of an independent central bank when delivering his speech at the seminar. He informed SBV in the coming time will operate the monetary policy based on target inflation in order to further stabilize the macro-economy and restrain inflation.

The deputy governor committed SBV will closely follow the market changes and the macro-economic situation to regulate interest rates and forex rates in a bid to improve the efficiency and effectiveness of the monetary policy.

IMF’s suggestion on independent central bank establishment is not a new idea, as the organization made the same recommendation in the late 1990s. The model has been discussed in Vietnam for several occasions.

At the Vietnam economic forum held by the The Economist magazine early this year, Deputy Prime Minister Hoang Trung Hai said the Government is considering whether to establish an independent central bank given the inflation changes.

http://bit.ly/y0mz4B

Read more: http://dinarvets.com/forums/index.php?app=forums&module=post&section=post&do=edit_post&f=5&t=110230&p=899941&st=#ixzz1pQNu0xnb

[pbrman71]

Did My dong just rise.

I second that thought and question. How curious...when I was there a thousand years ago, their currency was called piasters...

[Sweetybird]

Did My dong just rise.

LOL, nice one. I haven't bought any but I thought this might be of interest to those of you that have. Here's a thought... maybe the dinar is getting ready to RV so maybe they thought they'd switch over to the dong for interest articles. You know; out with the old news, in with the new???? Just a thought

I second that thought and question. How curious...when I was there a thousand years ago, their currency was called piasters...

Now that's just too funny...

[Elixirbaby]

LOL, nice one. I haven't bought any but I thought this might be of interest to those of you that have. Here's a thought... maybe the dinar is getting ready to RV so maybe they thought they'd switch over to the dong for interest articles. You know; out with the old news, in with the new???? Just a thought

Now that's just too funny...

I bought alittle dong awhile back. Ever since its headed south. Bummer I know. Was hoping it was going to grow very large one day.

[Sweetybird]

I bought alittle dong awhile back. Ever since its headed south. Bummer I know. Was hoping it was going to grow very large one day.

Don't give up hope yet, you're still young....

[Butifldrm]

Maybe that's where they got this from?

Bulldog75: THE DONG HAS RISEN 10,000% OVERNIGHT. HOW MANY INVESTMENTS HAVE U HAD THAT HAS RISEN OVER 10,000% OVERNIGHT???

Bulldog75: THIS WILL MATERIAL AND MANIFEST GRADUALLY AS WE PROGRESS. TYVM. THERE IS NO RUSH HERE. SIT BACK PLEASE, RELAX AND LET THE COMPUTERS DO THIER WORK OVER THE WEEKEND.

Bulldog75: I WILL BUY ALL THE DONG YOU HAVE RIGHT NOW AT A .01 !!!! RIGHT NOW.

I guess they can't access any of the currency converters.

http://www.xe.com/uc...From=VND&To=USD

Read more:

[zigmeister]

Okay I will tell you first hand information via a financial banker in Chase. I was surprised, he said the markets to look for growth, gigantic growth is not Brazil....the "new" emerging markets is what they are looking at, I do not remember the other countries, but the one that surprised me was Vietnam. He said they are moving, now we are not talking currency, but GDP, kind of looking like another China. And well I would say, Vietnam is something to watch. And maybe I may invest more in their currency.