Instructor: Master. Duong Dang Khoa 3

PART I: INTRODUCTIONThe change of the financial markets along with the level of trade opening and finance of the countries and the conditions within Vietnam are increasingly to integrate deeper into the international economic system. After more than 25 years of innovation , openness and integration , Vietnam 's economy has strongly developed from many directions. Going along with this process , Vietnam also faces financial risks , financial instability due to process of trade liberalization and liberalization of international balance of payments bring .If such devastating crisis in most countries , and the first to show most clearly the financial system , banks in Vietnam to be the first in the field of export and import foreign direct investment .This crisis affected Vietnam's economy in an array of basic lending rate increased international inter-bank short-term debt led to Vietnam 's commercial banks and enterprises to increase , making predicts people should reduce their dollar dollar pulled out of the bank to buy dollars or sell send money to Vietnam , ... It is considered a hot issue in the current economic market and to clarify issues this we ask through the group " monetary policy in Vietnam during the current crisis ."If in the course of the essay is something wrong , our group hope that you ignore and the next essay we will try to do better.

PART II: BODYCHAPTER 1: GENERAL OVERVIEW OF MONETARY POLICY.Definition of monetary policy.Monetary policy is a part of economic policy, it help control inflation, stabilize currency value, gboost social and economic, ensure securities, an ninh and improve peoplelive .Vai tr ca chnh sch tin t.y l chnh sch ln, mang tnh nh hng cho hot ng ca h thng Ngn hng ni chung v trong lnh vc tin t ni ring gp phn vic iu tit khi lng tin lu thng trong ton b nn kinh t. N c th kim sot c h thng tin t t kim ch v y li lm pht, n nh sc mua ca ng tin v thc y tng trng kinh t. N l n by kinh t ln nht trong h thng n by kinh t c s dng thng xuyn v linh hot nht i vi mi thnh phn kinh t, iu tit v m cho n nn kinh t mi quc gia.Mc tiu ca chnh sch tin t.V c bn chnh sch tin t c 6 mc tiu c bn l : Cng n vic lm cao, tng trng kinh t, n nh gi c, n nh li sut, n nh th trng ti chnh, n nh th trng ngoi hi. Cc cng c ca chnh sch tin t.C hai loi chnh sch tin t l: Chnh sch ni lng tin t, chnh sch tht cht tin t.Chnh sch ni lng tin t l vic cung ng thm tin cho nn kinh t nhm khuyn khch u t pht triin kinh t to cng n vic lm. Chnh sch tht cht tin t l vic gim cung ng tin t cho nn kinh t, nhm hn ch u t, ngn chn s pht trin qu ca nn kinh t kim ch lm pht. thc hin hai chnh sch tin t ny, NHTW c th s dng cc loi cng c l cc cng c trc tip, cc cng c gin tip. Cc cng c trc tip Thng qua chng, NHTW c th tc ng trc tip n cung cu tin t, m khng cn phi thng qua cng c khc. Cc cng c gin tip D tr bt buc D tr bt buc l phn tin gi m cc NHTM d tr theo lut nh. Phn d tr ny c gi vo ti khon chuyn dng ca NHTM vi mc ch gp phn bo m kh nng thanh ton ca NHTM v lm phng tin kim sot khi lng tn dng ca ngn hng ny. Li sut ti chit khu, ti cp vn L cch NHTM a tin ra lu thng ng thi khng ch s lng v khi lng tn dng ca ngn hng trung gian. Nghim v th trng m Nghip v th trng m l nghip v mua bn cc giy t c gi ngn hn do ngn hng nh nc thc hin trn th trng tin t nhm thuc hin chnh sch tin t quc gia.

CHAPTER II: THE CURRENT SITUATION OF MONETARY POLICIES.1. Tm tt tnh trng khng hong ti chnh ca Vit Nam trong giai on hin nay.In 2012, due to be affected by financial crisis and public debt in Europe, Vietnam is undergoing the difficult situation: public debt crisis, unemployment is increasing. Consumption of goods market was narrowed, inventories increased, aggregate demand decreased, enterprises had to stop production, narrowed production and even dissolution. Chnh sch tin t ca ngn hng trung ng t nm 2007 n nay.1. iu hnh chnh sch tin t nm 2008: CS tht cht tin t (u nm 2008) + ni lng tin t (cui nm 2008)1. Ch o cc TCTD kim sot cht ch nhng lnh vc cho vay c ri ro cao nh u t kinh doanh chng khon, bt ng sn thng qua vic: Sit cht li cc iu kin c cho vay v khng ch tng d n cho vay, chit khu giy t c gi u t kinh doanh chng khon khng c vt qu 20% vn iu l ca TCTD. Yu cu cc TCTD khng ch t trng v tc tng trng d n cho vay bt ng sn mc hp l so vi tng d n v ngun vn cho vay. Ban hnh c ch mi cho vay bng ngoi t ca TCTD theo hng cht ch hn nhm hn ch cho vay i vi nhu cu khng nht thit phi s dng vn ngoi t. S dng cc cng c ca CSTT nh li sut, t gi, d tr bt buc (DTBB), th trng m iu tit lng vn kh dng ca cc ngn hng thng mi (NHTM) v t tc ng ln kh nng cung vn ngn hng ra th trng theo mc ch t ra v thu ht mnh tin t lu thng v, c th: Tng t l DTBB (tr Ngn hng Nng nghip v Pht trin Nng thn v cc TCTD hot ng trn a bn nng thn). Tng khi lng bn tn phiu trn nghip v th trng m v pht hnh 20.300 t ng tn phiu bt buc i vi cc TCTD c quy m vn huy ng bng VND trn 1.000 t. NHNN hai ln thay i cc li sut c bn trong su thng u, li sut ti cp vn, li sut chit khu theo hng tng ln. iu ny c thc hin nhm to hnh lang li sut ph hp vi nh hng kim sot tc tng trng d n tn dng v tng bc m bo li sut thc dng cho ngi gi tin, c th:Tng ln 1: li sut c bn ln 12%/nm, li sut ti cp vn ln 13%/nm, li sut chit khu ln 11%/nm. Tng ln 2: Li sut c bn ln 14%/nm, li sut ti cp vn ln 15%/nm, li sut chit khu ln 13%/nm. Lm pht tuy c xu hng gim dn, nhng vn mc cao v xu hng gim cha n nh (CPI cc thng l: thng 1: 2,38%; thng 2: 3,56%; thng 3: 2,99%; thng 4: 2,2%; thng 5: 3,91%; thng 6:2,14%; thng 7: 1,13%; thng 8:1,56%; thng 9: 0,18%), trong khi th tng trng kinh t c s suy gim mnh so vi nm 2007 (6 thng u nm 2008 tng trng t 6,5%, gim so vi mc 7,9% cng k nm trc, gi tr sn sut cng nghip 8 thng u nm 2008 tng 16,3%, gim so vi mc 17,1% ca 8 thng 2007). Trong bi cnh ny, NHNN thc hin mt lot cc gii php sau: 4 ln iu chnh gim li sut c bn t 14%/nm xung 13%/nm, 12%/nm, 10%/nm v 8,5%/nm; li sut ti cp vn t 15%/nm xung 14%/nm 13%/nm, 11%/nm v 9,5%/nm; li sut chit khu t 13%/nm xung 12%/nm v 11%/nm, 9%/nm v 7,5%/nm, li sut cho vay qua m trong thanh ton in t lin ngn hng v cho vay b p thiu ht trong thanh ton b tr ca NHNN i vi cc ngn hng thng mi t 15%/nm xung 14%/nm, 13%/nm, 11%/nm v 9,5%/nm. 6.11.2008, the gorvernor allowed credit institutions to operate foreign exchange buying rates fixed, the spot selling increased 1% compared to 2% (it was applied on 17.11.2008) (Decision No.2635/Q-NHNN). Besides, the central bank issued directives No. 05/CT-NHNN on 9.10.2008) required credit institutions to apply the solution to ensure safety, prevented risk of impact financial crisis and economic depression, encouraged import-export operation.iu hnh chnh sch tin t kim ch lm pht nm 2009: CS ni lng tin tNm 2009, mt nm m chnh sch tin t phi i mt vi nhiu thch thc kh khn v suy thoi kinh t. Trc nhng tc ng bt li nh vy, Ngn hng Nh nc a ra nhiu gii php khc gi bnh n th trng nhNHNN h thp li sut ch o t 14% xung 7%, h thp t l d tr bt buc t 11% xung 5%. tng ngun cung v n nh th trng ngoi t, NHNN trin khai nhiu gii php nh m rng bin n nh t gi mua bn USD/VND ca cc ngn hng thng mi t +/-3% ln +/-5% so vi t gi bnh qun lin ngn hng cng phi hp vi cc bin php iu tit cung cu ngoi t trn th trng nh bn ngoi t h tr nhu cu nhp khu cc mt hng thit yu m bo n nh sn xut v i sng; iu ha ngoi t trn th trng ngoi t trn ngn hngc bit, p dng cc bin nh y mnh cng tc tuyn truyn v cng b cng khai, rng ri cc thng tin v tnh hnh ngoi hi, t gi; yu cu cc NHTM nh nc gim li sut cho vay v huy ng bng ngoi t (li sut cho vay gim t mc 6-6,5%/nm xung khng qu 4%/nm k t ngy 15/4/2009 v gim tip xung mc khng qu 3%/nm k t ngy 01/6/2009, li sut huy ng gim xung mc khng qu l,5%/nm k t ngy 01/6/2009)iu hnh chnh sch tin t nm 2010: Chnh sch tin t tht chtNm 2010, trong 10 thng u nm, li sut c bn v li sut ti cp vn n nh mc 8%/nm, kt hp vi iu hnh linh hot nghip v th trng m v gim st vic thc hin cc t l an ton ca TCTD, iu tit li sut huy ng v cho vay gim dn theo ch o ca Chnh ph (n cui thng 10, li sut huy ng VND bnh qun 10,44%/nm, cho vay 13,18%/nm). Hai thng cui nm, NHNN iu chnh li sut c bn v ti cp vn tng 1%/nm, kt hp vi iu hnh cht ch lng tin cung ng, quy nh trn li sut huy ng VND 14%/nm n nh th trng tin t, lm tng li sut th trng v gim cu tn dng (cui thng 12, li sut huy ng VND bnh qun 12,44%/nm, cho vay 14,96%/nm, cho vay nng nghip nng thn, xut khu 12-14%/nm; li sut th trng ni t lin ngn hng 9,5 - 12%/nm).iu chnh t gi mua - bn ngoi t ca cc TCTD tng 5,52%; thc hin cc bin php n nh th trng ngoi t, nh kt hi ngoi t i vi by tp on, tng cng ty nh nc, quy nh trn li sut tin gi ca t chc kinh t bng USD 1%/nm, bn ngoi t cho nhp khu mt hng thit yu, ch o cc TCTD hn ch cho vay nhp khu mt hng khng thit yu v khng khuyn khch. ng ca sn giao dch vng v chm dt kinh doanh vng trn ti khon nc ngoi; iu hnh xut - nhp khu vng ph hp vi nhu cu th trng, narrowed mobilizing and borrowed by gold (Cicurlar No. 22/2010/TT-NHNN on 29.10.2010), continued to support the loans which is disbursed in 2009 and 2010 (Decision No.2072/Q-TTg on 11.12.2009 and decision No. 2213/Q ON 31.12.2009)Nhng thnh tu t c1. The inflation.

Looking back the inflation situation from 2007 to 2012, the highest inflation is 2008 is 19.89% and the lowest is 2009 6.52%, but it rose again from 2010 to 2011. If in 2011, the inflation rose sharply 18.13% caused by demand pull and push cosh, the inflation in 2012 tended to plummet 6.81% equivalent 62.44% compared to 2011. This was a positive sign, inflation in 2012 has been contained in a number. That was a big succession, it represented the effort of the central bank and Government by focused on controlling inflation and stabilizing macro-economic.Export and import increased.

The ratio in Vietnam from 2007 to 2012 had outstanding features, export in 2012 increased 114.57 (equivalent 18.22% compared to 2011), import in 2012 increased 113.79 (equivalent 6.59%). By giving appropriate solution, encorage enterprises producting and export. This was a big succession for export-import sector, it has contributed possitive to improving the balance of payment, stabilized exchange rate and increased foreign exchange reserve. Deposit rate and lending rate improved.In 2012, deposit rate and lending rate fell faster than expectation; deposit rate fell from 3 to 6% per year, lending rate fell 5 - 9% per year compared to the end of 2011. It created favorable condition for enterprise, fell production cost, boosted growth of economic, ensure safety for banking system.Nhng vn cn tn ti.1. GDP

Tng trng GDP nhng nm gn y (n v: %), ngun: Tng cc Thng k20122011

GDP136 billion USD135.4 billion USD

The growth of GDP5.03%5.89%

The growth of GDP in 2012 was only 5.03% lower than 2011 0.86 % caused by industrial production was lower. Total retail sales and consumption service revenue in 2012 just increased 16% compared to 2011. The needs of shopping didnt increase and these leads to inventories were more and more. Besides, in 2012 the economic growth by sectors tended to go down. In which, the sector of agriculture, forestry and fishery plummeted about 32%, the sector of industry and contruction declined 18.26% and the sector of service decreased 8.15%. this will make it difficult for next years.The bad debt rose sharply.

The bad debt ratio was higher than previous years., the lowest bad debt is 2007 but it began to increase from 2009 to 2012. In 2012, the bad debt ratio reached 8.5 (equivalent 157.57% compared to 2011). This was the serious problem for banking systems. There are so many reasons for this problems: financial crisis and global recession, the growth of Vietnam model was not possible, the reduction of economic (inventory increased, unemployment increased, more businesses had to stop operating). Besides, credit growth is too large and the weak management in banking system.The low growth of credit.

The growth of credit through the years reduced. The highest growth of credit is 2007 51.39% but it began to go down. In 2012, the growth of credit went down 5% (equivalent 54.13% compared to 2011). The reason was economic recession, aggregate demand declined and it led to enterprise cant sell goods (inventories rose), enterprise had to narrowed production and focused on sold out inventories. Besides, the bad debt increased-the commercial banks controlled cash flow strictly to limit risk.Banking system restructuring was low.Banking system restructuring didnt achieve its objective. The reason was bad debt increased, the labor productive was lower than other countries. Although monetary tightening policy was given, it was not optimistic. It led to reduce the effectiveness of monetary policy.Cc gii php h tr cho chnh sch tin t1. Focus on deciding bad debtWe can rise capital in domestic and foreign to pay debt or establish company debt purchase and sale, the Government will finance by issuing special bonds and repayment source is from budget, avoid source of supply money from central bank (it will cause inflation in the future).1. Ci thin h thng ngn hngCn phi to lp s hot ng ton din ca ngn hng hin i trong khu thanh ton v trong cc dch v ngn hng khc, pht trin mnh cc nghip v ngn hng. Xy dng c s k thut hin i ho ho nhp vi quc t.Cn phi coi trng vic o to bi dng cn b, xy dng i ng chuyn mn gii, ng thi gio dc o c i vi cn b lm cng tc ngn hng.Nng cao hn na nng lc v hiu qu cng tc thanh tra, kim sot ngn hng, nht l nng lc kim tra kim sot ni lc kp thi kim sot v pht hin x l c vi phm ch trong hot ng ngn hng. Hon thin khung php lHon thin cc d tho, cc vn bn ngh nh, quy ch thuc thn quyn ban hnh ca chnh ph hoc th tng chnh ph nhm trin khai hai lut ngn hng, b sung cho ph hp vi thc t, to ra mt mi trng php l thng nht, to iu kin cho cng c ca chnh sch tin t pht huy c hiu qu. Pht trin th trng ti chnh Tng tc c phn ho doanh nghip nh nc: Cn pht hnh c phiu ngn hng thng mi c phn v tt c c cng ty ti chnh c phn, tng vn iu l v pht tin loi hnh doanh nghip ny trong nn kinh t. y mnh pht hnh tri phiu cng trnh, nht l cng trnh quan trng ca nh nc nh in nc, giao thng du kh.. huy ng vn u t v nhu cu khc ca nn kinh t. Thnh lp cc cng ty chng khon thuc cc NHTM v c t chc tn dng. Hon thin tn dng chng khon sm a vo thc hin. Phi hp ng b gia chnh sch tin t vi chnh sch kinh t v m khc.

PART III: CONCLUSION.

Mc d chu tc ng tiu cc ca khng hong ti chnh v suy thoi kinh t th gii t cui nm 2008 n nay, di s iu hnh quyt lit ca Chnh ph, kinh t nc ta ngn chn c suy gim v dn to c tng trng, kinh t v m n nh, an sinh x hi c bo m.Trc nhng kh khn v thch thc ca nn kinh t bin ng ngy cng nhanh vi tnh cht th trng ngy cng r nt, CSTT vn c nhng im hn ch nh s bin ng ca gi vng, t gi USD v VND trong mt s thi im nht nh. Mc d vy, slinh hot ca CSTT trong thi gian gny cho thy cng vi s chuyn hng sang kinh t th trng, CSTT cng ang c nhng thay i trong c nh hng v c ch iu hnh, gn kt hn vi s bin ng ca th trng cng nh s dng ngy cng hiu qu cc cng c th trng tng hiu qu iu hnh. Trong xu hng m ca v hi nhp kinh t quc t, s bin chuyn ca CSTT va l iu kin cn, va th hin s pht trin mt bc ca cc cng c iu hnh kinh t v m ca Vit Nam m bo cho s pht trin chung ca nn kinh t.