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State Bank of Vietnam Governor Nguyen Van Giau on Thursday issued a directive, mapping out measures regarding monetary and credit policy in an effort to stabilisze prices and the macro-economy.

The exchange rate of VND against USD is very high now on the black market

The governor said that the monetary and foreign exchange market is not stable at the moment and the country may not reach its credit growth target of 25 percent this year.

Under the directive, the governor asked credit institutions in the country to adopt proper measures to attract more capital deposits, avoid using unfair competition methods, and keep the liquidity coverage ratio at a reasonable rate to ensure the payment capacity.

They were urged to give loans to small and medium-sized companies, those operating in the agriculture field and those producing goods to serve export and supply necessities for consumption and production in the coming months.

The governor also asked credit institutions to closely monitor the lending and deposit activities in foreign currency and quote the deposit and lending rates and foreign exchange rates in accordance with regulations.

They were required to provide correct and timely information regarding their operation to the central bank as well.

Currently, people are concerned about a possible increase in foreign currency demand to import goods for the year-end. The central bank said it may sell foreign currency to support liquidity for the market.

The expected amount of foreign currency to be sold will be able to meet necessary import demand and contain trade deficit, according to the bank.
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