Meeting between State Bank of Vietnam and National Bank of Cambodia in Hanoi

Theo nguồn tin trên trang mạng The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) held a bilateral meeting in Hanoi on January 17. The meeting was chaired by SBV Governor Nguyen Van Binh and NBC Governor Chea Chanto with the attendance of representatives of the SBV and NBC departments and entities.
At the meeting, SBV Governor Nguyen Van Binh and NBC Governor Chea Chanto highly valued the traditional cooperation relations between Vietnam and Cambodia as a valuable asset of the two countries that will be further enhanced in the coming time. Especially, they stressed, the banking relations have continuously gained fruitful outcomes over the past years.

The two governors exchanged their views on the socio-economic condition of their countries as well as implementation of the monetary policy of SBV and NBC. Governor Nguyen Van Binh stated that in face of numerous challenges and difficulties, Vietnam’s economic condition has attained significant achievements, including macro-economic stabilization, inflation containment, interest rate reduction to the same level of 2005-2006, surplus current account, stabilization of the foreign market and exchange rates, and high international reserves.

In regard to monetary policy management, he added, the SBV has consistently pursued the inflation targeted monetary policy, conducted flexible solutions for credit extension and interest rates for fund supply to the economy, and focused on synchronized measures to reorganize the gold market to regularly eliminate the phenomenon of “goldization” and dollarization. The SBV has also proactively and consistently carried out several decisive solutions for the banking sector restructuring program and non-performing loan resolution, he said.

For his part, Governor Chea Chanto commended Vietnam for its achievements, especially in the field of banking and finance. He also added that Vietnam’s experiences in the socio-economic development and monetary policy implementation are valuable to Cambodia in general and NBC in particular. In the recent years, he said, Cambodia’s economy has grown rapidly, at about 8% per year in the period of 2004-2012 and 7.3% in 2013, and per capita income increased from USD 760 in 2008 to USD 1000 in 2013, leading his country to a middle-income status. Moreover, he stated, poverty rate has continued to reduce by about 1% each year to 19% in 2013 while inflation has been kept under control and exchange rate has remained stable.

The two governors stressed the significance of the bilateral meeting that helps the two central banks to exchange their experience of central banking. The two sides agreed to further improve the cooperation relations in such various areas as monetary policy, banking supervision, anti-money laundering and anti- terrorist financing, anti-dollarization and human resource management.

MHN

http://www.worldbank.org/vi/news/press-release/2014/01/22/world-bank-vietnam-social-assistance-programs