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Sunday, February 5, 2023

Central bank caps 2023 credit growth at 15%

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) will cap credit growth at 14-15% this year to maintain macroeconomic stability and boost economic growth.

Monetary policy is subject to change depending on specific market conditions, according to a recent directive of the SBV, the country’s central bank.

The central bank will prioritize harmonizing monetary and fiscal policies, with inflation to be harnessed at around 4.5%.

The SBV intends to funnel more money into the industrial and service sectors seen as key economic drivers, and restrict lending to high-risk areas.

In December last year, the central bank upped its 14% credit growth limit by 1.5-2.0 percentage points in response to a severe credit crunch in the local real estate and banking sectors.

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