State Bank urged to modernise (28/3)
06/08/2010 - 165 Lượt xem
The State Bank of Viet Nam has not reached the levels of transparency and accountability required of a successful central bank, a State Bank official said.
"Other agencies continue to interfere in State Bank affairs, particularly in its development and execution of monetary policy," said the director of the bank’s Banking Strategy Department, Le Xuan Nghia, at a two-day symposium in Ha Noi co-organised by the State Bank and the International Monetary Fund (IMF).
"As a result, there’s confusion as to what is the priority aim of monetary policy: whether to control inflation or support economic growth. In fact, the State Bank has been focusing on the latter and paying less attention to the former," Nghia said.
The symposium, which ended last Thursday, attracted more than 100 domestic and international financial experts, who discussed a project to a more modern central bank.
IMF experts advised the State Bank to further strengthen its credibility, which has been hindered by a lack of transparency in monetary policy and ineffective execution of policies.
It was also necessary for the State Bank to increase its position in the Government, restructure personnel, and gradually cancel the granting of direct credits to the State Budget, they said
Source: Thanhnien.online
