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CHNG I

TNG QUAN V CHNH SCH TIN T

I. Khi nim v c s ca chnh sch tin t.1) Khi nim:

CSTT l tng ha cc phng thc m NHNN s dng nhm tc ngn lng tin cung ng t c mc tiu kinh t. x hi t nc trongthi k nht nh .

Trong c hai chnh sch ch yu:

- Chnh sch tin t m rng: cung ng thm tin,khuyn khch u t, mrng sn xut.., chng suy thoi.

- Chnh sch tin t tht cht: gim cung ng tin nhm hn ch u t, kmhm s pht trin qu nng ca nn kinh t..., kim ch lm pht.

2) C s ca chnh sch tin t.

CSTT l mt trong nhng chnh sch kinh t v m m trong NHTW , thng qua cc cng c ca mnh thc hin vic kin sot v iutit khi lng tin cung ng cn c vo nhu cu tin t ca nn kinh tnhm t dc cc muc tiu v gi c ,sn lng v cng n vic lm.

II. H thng mc tiu ca chnh sch tin t.

Mc tiu cui cng: Mc tiu CSTT hu nh thng nht cc nc.siu chnh lng tin cung ng nhm mc tiu trc ht l n nh gi trtin t , trn c s gp phn tng trng kinh t v cng n vic lm.

Mc tiu trung gian: Bao gm cc ch tiu c NHTW la chn dt c mc ch cui cng ca CSTT c ch tiu thng c s dng lmmc tiu trung gian l tng khi lng tin cung ng hoc mc li sut thtrng (ngn v di hn)

Ch tiu hot ng : L cc ch tiu c phn ng tc thi vi s diu

chnh ca cng c CSTT cc tiu chun la chn ch tiu lm mc tiu hotng cng tng t nh tiu chun la chn mc tiu trung gian :

Ch tiu phi o lng c nhm trnh nhng suy in thiuchnh xc lm sai lch du hiu ca CSTT .

Phi c mi quan h trc tip v n nh vi cc cng c ca CSTT

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C mi quan h cht ch v n nh vi mc tiu trung gian c lachn

Chch sch mc tiu lm pht: Chch sch mc tiu lm pht hay lmpht mc tiu c xut pht t l lun cho rng t l lm pht thp v n

nh s gp phn quan trng vo qu trnh tng trng kinh t trong di hnv gim tht nghip,ng thi trnh c nhng mu thun trong cc mctiu ca CSTT.CSTT nhm thc y tng trng khi nn kinh t vt qumc sn lng tim nng s dn ti mc lm pht cao hn.

Thc trng chung:

Nhn chung, t tng ch o trong chnh sch tin t ca Vit Naml c tnh an xen gia m rng thn trng v tht cht linh hot trong tngthi im c th mang tnh ngn hn, cn cc cng c chnh sch tin tngy cng a dng v c NHNN iu hnh kh mm do, ng b, ngycng ph hp c ch v bm st cc tn hiu th trng, ng thi ngy cng

ph hp xu th vn ng chung ca chnh sch tin t khu vc, cng nh thgii, biu hin r nt nht trong chnh sch kch cu nm 2009, v cc iuchnh v li sut 2010, 2011.

III. Cc cng c iu hnh chnh sch tin t v c ch tc ngca cc cng c .

Cng c ca chnh sch tin t l h thng cc bin php m NHTWc th s dng tc ng vo mc tiu ca chnh sch tin t.

thc thi chnh sch tin t NHTW s dng mt lot cc cng cnh : cng c ti cp vn, li sut tn dng, d tr bt buc, nghip v thtrng m, Mi loi cng c c c ch tc ng ring v mang li ktqu trn cc kha cnh khc nhau. Tuy nhin cc cng c nh hng n thtrng tin t lin ngn hng bao gm cc cng c nh sau:

1. D tr bt buc (DTBB):

DTBB l s tin m cc NHTM buc phi duy tr trn mt ti khontin gi ti NHTW nhm thc hin chnh sch tin t. N c xc nh

bng mt t l phn trm nht nh trn tng s d tin gi trong mt thigian no . Mc DTBB c quy nh khc nhau cn c vo thi hn tingi, vo quy m v tnh cht hot ng ca NHTM.

+ C ch tc ng: DTBB tc ng trc tip bi t l DTBB theo quynh ca NHTW. Nu NHTW tng DTBB lm gim kh nng cho vay ca

NHTm, cung ng gim (MS gim) v v t l DTBB l mt thnh phn ca

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mu s ca h s nhn tin. V th, s tng ln ca t l DTBB s lm gimi s nhn tin v kh nng to tin gi ca h thng ngn hang.

+u im: DTBB c th tc ng nh nhau n tt c cc ngn hng,to ra s bin i i vi cc ngn hng v c tc ng quyn lc i vi

mc cung tin. Cch cn 1% thay i ca t l DTBB s thay di ng k vdn n s thay i theo cp s nhn ca khi lng tin cung ng.

+Hn ch: chnh tc ng y quyn lc ca cng c DTBB n mccung tin lm cho hot ng ngn hng bt n nh, chi ph cho s iuchnh thch ng vi t l DTBB mi l rt tn km, vic s dng DTBBgy nh hng n lng vn kh dng ca h thng ngn hang. Nh vy,vn thanh khon ca ngn hng gp kh khn hn. Do , cng c DTBBthng t c s dng v nu c chng phi s dng kt hp vi cng ckhc.

2. Ti chit khu:Khi nim: Chnh sch ti chit khu l chnh sch m NHTW cho

vay ngn hn trn c s chit khu cc giu t c gi ngn hn, ch yu ltn phiu kho bc v thng phiu. Trong cng c ny NHTW s n nhmc li sut ti chit khu v hn mc chit khu. Cng c ny c sdng trong cc trng hp:

- Cho vay b sung ngn qu khi ngn hang trung gian thiu khon.

- Cho vay di hnh thc cu cnh.

+ C ch tc ng: Chnh sc ti chit khu tc ng vo mc tiutrung gian ca chnh sch tin t th hin 2 mt sau :

- V mt lng : do NHTW quy nh hn mc, iu kin ca cc chngt c gi do vy trong iu kin hn mc tn dng tng th lwongj tichit khu tng. Theo kh nng cho vay ca NHTW s tng ln.

Nh vy s thc y kh nng m rng tin ca h thng NHTM, vmt khi vn kh dng thay i, n lm cho quan h cung cu vnv do li sut th trng lin ngn hng thay i.

- V hiu ng thng bo : S thay i li sut ti chit khu c coinh l du hiu nh hng ca chnh sch tin t. Cc tuyn b ca

NHTW v s bin ng ca li sut tng ln hoc gim xung cho tabit NHTW ang mun m rng hay tht cht chnh sch tin t. Nhvy chnh sch ti chit khu c tc ng hng dn hnh vi thtrng theo nh hng ca chnh sch tin t. Tuy nhin, hiu ngthng bo ch c hiu qu khi li sut ti chit khu ph hp vi li

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V khng c m bo nn cc khon vay mn thng c ri ro cao.V th tr thnh thnh vin ca th trng tin t lin NH, cc NH phitha mn cc tiu chun nht nh c lin quan n yu cu k qu, hn mcti chit khu c hng t NHT v tnh trng ti chnh lnh mnh. Phnln cc giao dch lin NH c thc hin qua vai tr ngi mi gii hocqua 1 trung gian giao dch.

A. V tr ca th trng tin t lin ngn hng:

B. c im ch yu ca TT lin ngn hng

1. Tnh thanh khon ca th trng

Tnh thanh khon cath trng lin ngn hng rt cao, cc giao dch

trn th trng lin ngn hng din ra hng ngy vi doanh s giao dch ngycng ln, c bit trong nhng thi im cc ngn hng cng thng v vnkh dng.

2. Li sut trn th trng tin t lin ngn hng

* Tnh th trng ca li sut lin ngn hn g:

Thtrng ti

chnh

Th trngtin t

Th trngvn

TTTTlin

ngnhng

TTTTm

rng

TTTDtrung

v dihn

TT

chngkhon

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- Li sut lin ngn hng c tnh th trng cao,ngy cngphn nh st thc hn cung cu vn kh dng ca cc ngn hng

T sau cuc khng hong ti chnh tin t Chu nm 1997-1998, d tr ca cc ngn hng di do, li sut cho vay, gi tin VN

bnh qun trn th trng tin t lin ngn hng Vit Nam ti hu htcc k hn u tng i n nh, c bit l giai on 2005n cui nm 2007. Li sut bnh qun VN trn th trng tin tlin ngn hng ch mc 6 n 8%/nm v bin dao ng hng ngy ch mc thp. Nhng khi cc ngn hng cng thng v d tr, c bit t unm 2008 n khong thng 9/2008 li sut bnh qun trn th trnglin ngn hng tt c cck hn c s bin ng tng t bin v ng mc cao, bnh qun gn 18%/nm. C bit c thi im ln n 43%/nm.

C th thy, tnh trng cung cu vn kh dng ca cc ngn hng trong mithi k tc ng n s thay i ca li sut trn th trng tin t lin ngnhng.

- Li sut lin ngn hng c quan h cht ch vi lo sut huy ng, li sut chovay trn th trng song c mc bin ng mnh

Li sut lin ngn hng v li sut trn th trng tn dng binng cng chiu. Song li sut lin ngn hng, c bit l li sut quam bin ng mnh. Mt mt do mc li sut ny phn nhcung -cu vn kh dng ngay tc thi ca cc ngn hng, thm na thi hn li rtngn nn c nhng thi im li sut lin ngn hng ln rt cao vcc ngn hng phi chu ng b p vn kh dng

- Li sut lin ngn hng cng b khng ch bi trn li sut:

Thng 8/2008 thng c NHNN ban hnh Quyt nh s1849/Q-NHNN. Theo , t ngy19/8/2008, cc t chc tn dngn nh li sut huy ng v li sut cho vay bng ng Vit Nam

gia cc t chc tn dng trn th trng lin ngn hng khng vtqu 150% ca li sut c bn do NHNN Vit Nam cng b p dngtrong tng thi k. Do vy sau thi im ny, mc d li sut c th binng mnh hng ngy nhng khng vt qu mc cho php, v vy cngkhng c mc li sut cao k lc nh trc y

* Mc nhy cm vi tc ng ca NHNN

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- Li sut lin ngn hng phn nh r tc ng ca NHNN n d trca cc ngn hng:

Trong iu hnh chnh sch tin t, NHNN la chn mc tiu trunggian l tng phng tin thanh ton M2, mc tiu hot ng l d tr cacc ngnhng. Khi NHNN s dng cc cng c thc hin chnh sch tint tht cht, c bit l tng d tr bt buc, bn cc giy t c gi dn nvic cc ngn hng khan kim v d tr, li sut lin ngn hng b yln cao. Ngc li khi NHNN thc hin CSTT ni lng hn, tnhtrng cng thng v d tr khng cn, thm ch d tha v vn khdng, li sut lin ngn hng gim r rt. Nhng din bin ca li sut linngn hng t u nm 2008 nh phn tch trn phn nh rt riu.

- Li sut lin ngn hng i khi t chu tc ng bi li sut

ch o ca NHNN:

Cc mc li sut do NHNN qui nh trc ht l li sut lisut ti cpvn, li sut ti chit khu, li sut c bn c nhng thik di khng iu chnhnhng li sut lin ngn hng vn binng. Hoc li sut ch o tng nh nhng li sut lin ngn hng litng rt cao. S bin ng ca li sut th trng lin ngn hng chu p lc

bi cc yu t cung cu vn trn th trng mnh hn l li sut ch oI. Vai tr ca NHTW trn th trng tin t lin ngn hng

- Kim tra gim st cht ch cc hot ng ca th trng thng qua vic ara cc thit ch cc iu lut, cc quy nh nhm m bo cho th trnghot ng c hiu qu.

- NHTW tham gia th trng vi t cch l Ngi iu tit th trng thngqua cc cng c chnh sch tin t duy tr cc iu kin tin t trn thtrng lin ngn hng, ph hp vi mc tiu hot ng trong tng thi k.Cc cng c chnh sch tin t c NHTW s dng tc ng vo cungcu ngn qu ca TCTD v t quyt nh chiu hng hot ng ca ccch th ny trn th trng tin t lin ngn hng ph hp vi mc tiu chnhsch tin t.

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- NHTW l ngi chi phi s bin ng ca li sut lin ngn hng mc dn l li sut th trng v c hnh thnh do quan h cung cu v vn khdng trn th trng lin ngn hng. C th NHTW chi phi li sut linngn hng thng qua vic nh hng n cung cu vn kh dng theo mc

tiu ni lng hay tht cht chnh sch li sut th trng . Li sut lin ngnhng c th gim hoc tng mt cch gin tip theo nguyn tc th trng.

- NHTW l ch th ng vai tr quan trng trn TTTT ni chung v TTTTlin NH ni ring vi vai tr l ngi iu hnh t chc l c quan duy nht

pht hnh tin, iu ny lm nh hng ti lng tin trong nn kinh t vkh nng to tin ca NHTM. NHTW tham gia kim sot kh nng to tinca cc NHTM thng qua cc cng c ca mnh nh : li sut ti cp vn, tl d tr bt buc v nghip v th trng m.

CHNG III:

IU HNH CSTT CA NHTW V TC NG CA N NTH TRNG TIN T LIN NGN HNG

I. NH GI TNG QUT V GIAI ON 2000- 2012

Cc cng c CSTT tc ng n cc dng vn, to nn nhng thay iln trn th trng tin t. Chnh sch tin t ca chnh ph tc ng n thtrng tin t. Khi chnh ph p dng chinh sch tin t m rng th n s l

cho lng cung tin tng ln, cung tin tng l cho li xut ngn hng gimdn n u t ca doanh nghip tng lm tng sn long ca quc gia.

Ngc li khi chnh ph p dng chnh sch tin t thu hp s lm cho lngcung tin gim , lm li sut tng dn n u t gim, lm gim sn lngqc gia. sn lng quc gia thay i lm thay i cn cn thanh ton, cncn xut nhp khu...

1. Chnh sch li sut

T 2000-2012 din bin li sut th trng tin t kh n nh- S thay i thch hp ca chnh sch li sut: Trong tng giai on, tutheo din bin v mc tiu kinh t v m- tin t, NHNN thc thi chnhsch li sut thch hp, tin dn theo cc nguyn tc th trng.

- Qu trnh t do ho li sut: T thng 6/2002, li sut VND trn th trng c t do ho. Qu trnh t do ho li sut din ra trong hn 10 nm

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(1991-2002), theo bc i t do ho dn dn, bt u l t do ho li suttin gi, tip n l li sut cho vay, li sut TTTT th cp t do ho trc,ri n li sut TTTT s cp.

+ nh gi chnh sch li sut- Mt c: Chnh sch li sut ph hp vi iu kin, mc tiu kinh t vm trong tng giai on chuyn i ca nn kinh t v thc hin thnh cngt do ho li sut; NHNN chuyn i c ch kim sot trc tip li sut sangc ch kim sot gin tip; c ch truyn dn v tc ng ca chnh sch lisut i vi TTTTLi sut ti cp vn, li sut chit khu ngy cng c iu hnh linh hot,

ph hp vi mc tiu chnh sch tin t trong tng thi k. T nm 2003

n nay, li sut ti cp vn v li sut ti chit khu c iu chnh dn hnh thnh khung li sut nh hng li sut th trng

LI SUT CHIT KHU

Gi tr Vn bn quyt nh Ngy p dng

11% 693/Q-NHNN 10/4/2012 11/04/2012

12% 407/Q-NHNN 12/3/2012 13/03/2012

13% 929/Q-NHNN 29/4/2011 01/05/2011

12% 379/Q-NHNN 8/3/2011 08/03/2011

7% 447/TB-NHNN 29/11/2010 01/12/2010

7% 2620/QNHNN 05/11/2010 05/11/2010

6% 402/TB-NHNN 27/10/2010 01/11/2010

6% 352/TB-NHNN 27/9/2010 01/10/2010

6% 316/TB-NHNN 25/08/2010 01/09/2010

6% 259/TB-NHNN 27/7/2010 01/08/2010

6% 316/TB-NHNN 25/8/2010 01/09/2010

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6% 220/TB-NHNN 24/06/2010 10/08/2010

6% 189/TB-NHNN 31/5/2010 01/06/2010

6% 26/TB-NHNN 26/01/2010 01/02/2010

6%/nm 2664/Q-NHNN 25/11/2009 01/12/2009

5,0%/nm 2232/Q-NHNN 01/10/2009

5% 837/Q-NHNN 10/4/2009 10/04/2009

6,0% 173/Q-NHNN 23/1/2009 01/02/2009

7.5%/nm 3159/Q-NHNN 19/12/2008 22/12/2008

9,0%/nm 2949/Q-NHNN 3/12/2008 05/12/2008

10% 2810/Q-NHNN 21/11/2008

11%/nm 2561/Q-NHNN 3/11/2008 05/11/2008

12.0%/nm 2318/Q-NHNN 20/10/2008 21/10/2008

13,0%/nm 1316/Q-NHNN 10/6/2008 11/06/2008

11,00%/nm 1099/Q-NHNN 16/05/2008 19/05/2008

11% 1098/Q-NHNN 16/5/2008 19/05/2008

6.0% 306/Q-NHNN 30/1/2008 01/02/2008

4,5%/nm 1746/Q-NHNN 1/12/2005 01/12/2005

4,00%/nm 316/Q-NHNN 25/3/2005 01/04/2005

3,5%/nm 20/Q-NHNN 07/01/2005 15/01/2005

3,00%/nm 832/Q-NHNN 30/7/2003 01/08/2003

4,80%/nm242/2001/Q-NHNN29/03/2001

01/04/2001

5,40%/nm 466/2000/Q-NHNN 06/11/2000

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02/11/2000

4,20%/nm239/2000/Q-NHNN31/07/2000

01/08/2000

4,80%/nm 102/2000/Q-NHNN31/03/2000

05/04/2000

Nhng tn ti, hn ch ca chnh sch li sut hin nay: Vic iuhnh v kim sot li sut TTTT ca NHNN gp kh khn, do cc nhn tnm ngoi kh nng iu tit ca mnh; tc ng ca c ch iu hnh lisut i vi li sut TTTT cn yu; mi lin h gia cc loi li sut TTTT

v li sut chnh thc ca NHNN cn lng lo; cha c li sut chun; mtbng li sut TTTT s cp v th cp cn ct c; nhy ca hnh vi titkim, u t v tiu dng vi li sut cn hn ch; NHNN cha xc nh lisut mc tiu; m hnh iu hnh v kim sot li sut th trng phc tp;trn th trng lin ngn hng hin ang c hai khung li sut. NHNN chaxc nh c th chnh sch li sut p dng trong nhng nm ti.

Cc li sut do NHNN cng b nh li sut ti cp vn, li sut chitkhu, li sut c bn pht tn hiu iu hnh chnh sch tin t (tht cht

hay ni lng), nhng cha thc s pht huy hiu qu vai tr kch thch tnggim nhu cu tin t. K c trong cc giao dch nghip v th trng m, slng thnh vin tham gia hn hp nn li sut nghip v th trng mcng cha phn nh ng quan h cung-cu v vn trn th trng. Nhnchung, cc mc li sut ca NHNN cha thc s c mi quan h gn kt vili sut th trng tin t. V cc li sut trn th trng tin t ni chungcng cha c s gn kt cht ch vi li sut ca cc cng c di hn trn thtrng ti chnh.

2. D tr bt bucBng quyt nh tng hoc gim t l d tr bt buc, NHNN s thc

hin chnh sch tin t tht cht hay ni lng i vi nn kinh t x hi,nhm mc tiu y li lm pht, thc y pht trin kinh t x hi ca tnc.

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D tr bt buc c iu chnh hng nm tng hoc gim c v khilng, din phi DTBB v li sut tin gi nhm khng ch mc vnkh dng ca cc NHTM. - Thng 5/2001 tng t l DTBB bng ngoi t ln15%, gim t l DTBB bng VND xung 3%; thng 11/2001 gimt l DTBB bng ngoi t xung cn 10%. tin gi VND khng k hn ndi 12 thng tng t 2% n 5%,

- Trong nm 2006, cng c DTBB c iu hnh theo hng linh hot,thn trng: t l DTBB i vi tin gi khng k hn v c k hn di 12thng bng ngoi t l 8%; T l DTBB i vi tin gi c k hn t 12thng n di 24 thng l 2%.

- Trong nm 2007 v u thng 1/2008, DTBB i vi ngn hng tngthm 1% cc loi tin gi c ban hnh

Trong nhng nm gn y, do tnh hnh kinh t lun din bin phc tp,

t l d tr bt buc cng c thay i lin tc ph hp vi tin trnhpht trin kinh t, gp phn n nh chnh sch tin t quc gia.

T l d tr bt buc i vi cc TCTD Vit Nam (2001-2008)

T l d tr bt bc(VND)

Vn bn

11%

1

- 5% 187/Q-NHNN ngy 16/1/200810%- 4% 2560/Q-NHNN ngy 03/11/2008

8%- 2% 2811/Q-NHNN ngy 20/11/2008

6%- 2% 2951/Q-NHNN ngy 03/12/2008

5%- 1% 3158/Q-NHNN ngy 19/12/2008

3% - 1% 379/Q-NHNN ngy 24/02/2009

(1): i vi tin gi khng k hn v k hn di 12 thng

(2): i vi tin gi k hn t 12 thng tr ln

Ngun:http://www.sbv.gov.vn

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http://translate.googleusercontent.com/translate_c?hl=vi&sl=en&u=http://www.federalreserve.gov/monetarypolicy/reservereq.htm&prev=/search%3Fq%3DLow-Reserve%2BTranche%2Band%2B%2522d%25E1%25BB%25B1%2Btr%25E1%25BB%25AF%2522%26hl%3Dvi%26prmd%3Divns&rurl=translate.google.com.vn&usg=ALkJrhg0i4t30h1PXGTInfUCJkFe0Fwf2Ahttp://translate.googleusercontent.com/translate_c?hl=vi&sl=en&u=http://www.federalreserve.gov/monetarypolicy/reservereq.htm&prev=/search%3Fq%3DLow-Reserve%2BTranche%2Band%2B%2522d%25E1%25BB%25B1%2Btr%25E1%25BB%25AF%2522%26hl%3Dvi%26prmd%3Divns&rurl=translate.google.com.vn&usg=ALkJrhg0i4t30h1PXGTInfUCJkFe0Fwf2Ahttp://www.sbv.gov.vn/http://translate.googleusercontent.com/translate_c?hl=vi&sl=en&u=http://www.federalreserve.gov/monetarypolicy/reservereq.htm&prev=/search%3Fq%3DLow-Reserve%2BTranche%2Band%2B%2522d%25E1%25BB%25B1%2Btr%25E1%25BB%25AF%2522%26hl%3Dvi%26prmd%3Divns&rurl=translate.google.com.vn&usg=ALkJrhg0i4t30h1PXGTInfUCJkFe0Fwf2Ahttp://www.sbv.gov.vn/http://translate.googleusercontent.com/translate_c?hl=vi&sl=en&u=http://www.federalreserve.gov/monetarypolicy/reservereq.htm&prev=/search%3Fq%3DLow-Reserve%2BTranche%2Band%2B%2522d%25E1%25BB%25B1%2Btr%25E1%25BB%25AF%2522%26hl%3Dvi%26prmd%3Divns&rurl=translate.google.com.vn&usg=ALkJrhg0i4t30h1PXGTInfUCJkFe0Fwf2A


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Bng 01 cho thy t thng 01/2008 - 01/2011 n nay, t l d tr btbuc c iu chnh gim, vic iu chnh ny ca NHNN, mt mt, nhma ra tn hiu ni lng tin t; mt khc, thng qua vic nng cao h s

nhn tin chnh thc m rng kh nng cho vay, kch thch cc ngn hngthng mi y mnh hot ng tn dng, tch cc cung ng vn cho nnkinh t.

3. Nghip v th trng m

T nm 2000 n nay, nghip v th trng m c tng bc honthin v ch trng s dng tr thnh cng c iu tit tin t ch yu ca

NHNN. Tng doanh s giao dch nghip v th trng m theo c 2 chiumua v bn tng mnh qua cc nm; k hn giao dch cng c a dng

ha t 7-182 ngy; khi lng giao dch qua tng phin, nh k giao dchcng ngy cng tng thm. Vic iu hnh nghip v th trng m ngycng mang tnh th trng hn, qua tng cng kh nng iu tit cacng c ny n vn kh dng ca cc t chc tn dng v cc iu kin trnth trng tin t.

II. GIAI ON 2000-2007.

Lot iu chnh ca chnh sch tc ng n cc dng vn, to nnnhng thay i ln v trn th trng lin ngn hng.

T 2000-2007 th trng lin ngn hng kh n nh c din bin li sut(bin ng khng ln (6 8 %/nm) ) v quy m giao dch.

1. Chnh sch chit khu

S thay i mc li sut ti cp vn tc ng trc ht vo chi ph uvo ca cc NHTM, v th cc ngn hng ny dn dn tng (hoc gim) lisut cho vay, t lm gim (hoc tng) nhu cu tn dng. Bn cnh , khili sut ti cp vn tng ln (hoc gim), cc NHTM khng th vay NHTW

mt cch d dng (hoc l c th m rng kh nng vay).iu ny buc ccNHTM phi gim bt kh nng cung ng tn dng hi phc d tr (hocm rng cho vay trong trng hp ngc li) khin li sut trn th trngtng ( hoc gim trong trng hp ngc li)

Khi NHNN a hnh thc cho vay qua m trong thanh ton in t linngn hng vo p dng th li sut cho vay b p thiu ht vn trong thanh

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ton c thng nht vi li sut cho vay qua m. Mc li sut ny l0,03%/ngy t nm 2002 n nay. Nh vy, mc d l 2 hnh thc TCV nhngli sut p dng i vi 2 hnh thc ny li khng ph hp vi c ch iu hnhli sut hin nay. Li sut cho vay qua m cao hn li sut cm c GTCG. y

l mt bt cp hin nay trong c ch iu hnh li sut ca NHNN.T nm 2003 n thng 10/2005, chnh lch gia 2 loi li sut ny c

duy tr l 2%/nm. Cui nm 2005, NHNN tng cc li sut ln thm0,5%/nm. iu ny nhm thc hin c ch iu hnh li sut theo hnh lang,theo li sut trn l li sut cho vay cm c GTCG v li sut sn l li sutchit khu GTCG. Li sut chit khu hin nay ang l li sut vay vn thpnht trn th trng tin t.

Trong nm 2006, doanh s cho vay cm c g iy t cgi bng khong 18,8% doanh s cho vay cm c giy t c gi nm 2005, chc mt s ngn hng thc hin vay di hnh thc cm c giy t c ginh Ngn hng nng nghip v pht trin nng thn, Ngn hng u tv Phttrin Vit Nam, NHTM c phn Vit , NHTM c phn Qun i,ngn hngIndovina.

Nm 2007, nhn chung, vn ca cc TCTD xt trn ton h thngtiptc d tha. Trong khi , hot ng th trng lin ngn hngcha thc s thng sut nn mt s NHTM c thiu ht tm thi v vn khdng, tipcn cc knh ti cp vn ca NHNNVN (di hnh thcchit khu, cm cgiy t c gi) m bo kh nng thanh ton. ivi hnh thc cm cgiy t c gi, t u nm 2007 NHNNVN hn chvic ti cp vn thng qua cm c giy t c gi. Bn cnh , do ccTCTD tip tc d tha vn nn rt t TCTD tip cn ngun vn ny.

2. D tr bt buc

T l d tr bt buc tng ln lm gim mc cung vn ca cc NHTM

trn th trng lin ngn hng.Trong iu kin nhu cu vn kh dng khngthay i, s gim st ny lm tng li sut lin ngn hng, t dn ntng cc mc li sut di hn v gim khi lng tin cung ng. Quyt nhgim t l d tr bt buc s gy nn nhng nh hng ngc li.

D tr bt buc c iu chnh hng nm tng hoc gim c v khilng, din phi DTBB v li sut tin gi nhm khng ch mc vn kh

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dng ca cc NHTM. Thng 5/2001 tng t l DTBB bng ngoi t ln 15%,gim t l DTBB bng VND xung 3%; thng 11/2001 gim t l DTBB

bng ngoi t xung cn 10%. T nm 2003, cc TCTD c tnh c tingi DTBB ti cc chi nhnh NHNN, y l bc khi u cho vic thc

hin mc tiu tng cng kh nng iu tit tin t ca cng c ny.Tuy nhin bc sang nm 2004 ,Trc bi cnh CPI nhng thng u

nm tng cao, thc hin mc tiu n nh tin t gp phn tng trngkinh t, thng 7 nm 2004, NHNNVN iu chnh tng t l DTBB ivi cc loi tin gi di 24 thng bng VND v ngoi t (Quyt nh s796/Q NHNNVN ngy 25/6/2004) ng thi, khuyn khchccTCTD s dng vn c hiu qu, trnh tng li sut dn n d thavnVND, NHNNVN thay i phng thc tr li i vi tin gi DTBB

bng VND (Quyt nh s 923/Q NHNNVN ngy 20/7/2004).Theo ,i vi DTBB bng VND, NHNNVN ch tr li cho tin gi DTBB(1,2%/nm) m khng tr li cho phn tin gi DTBB vt.

Trong nm 2006, cng c DTBB c iu hnh theo hng linh hot,thn trng nhm thc hin mc tiu kim ch lm pht v gp phn tngtrng kinh t.. Theo , t l DTBB i vi tin gi khng k hn v c khn di 12 thng bng ngoi t l 8%; bng VND p dng cho cc NHTM

Nh nc, NHTM c phn th, NHTM lin doanh, Chi nhnh NHTM

nc ngoi l 5%, ring Ngn hng Nng nghip v Pht trin nng thn l4%, p dng cho NHTM c phn nng thn, Qu tn dng nhn dn Trungng l 2%. T l DTBB i vi tin gi c k hn t 12 thng n di 24thng l 2%, p dng chung cho c VND v ngoi t. Ngoi ra, cng cDTBB tip tc c iu hnh theo hng bnh qun theo thng nhm toiu kin cho cc TCTD s dng linh hot ngun vn.

3. Nghip v th trng m.

NVTTM l mt cng c tin t gin tip c NHNNVN a vos d n g t t h n g 7 / 2 0 0 0 , y l b c c h u y n b i n c nb n t o n n t n g NHNNVN chuyn iu hnh t cng c tin ttrc tip sang cng c tin t gin tip nhm iu tit vn kh dng vli sut th trng c hiu qu hn.T thng 7/2000 n nay,

NVTTM khng ngng c hon thin: h tr kp thi vn kh

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dng cho cc TCTD v n nh th trng tin t, NHNNVN tng nhk giao dch cc phin NVTTM t 3phin/tun nm 2004 v t nm2007 thc hin nghip v giao dch th trng m hng ngy, c

bit mi y thng 4/2010, NHNNVN tng thm phin giao dch

bui chiu trn th trng m thay v ch mt phin bui sng, trong phin giao dch bui sng cho k hn 28 ngy v phin giao bui chiucho k hn 7ngy. Doanh s giao dch khng ngng tng ln: nm 2005,tng doanh sgiao dch trong nm 2005 theo c 2 chiu mua v bn giy tc gi t 102,511 t ng, tng 65,5% so vi nm 2004; doanh s giao dch

bnh quntrong tng phin t khong 648,8 t ng, tng 28,85% so vidoanh s giaodch bnh qun mt phin nm 2004.

Nm 2006 c nhiu im khc bit c bn so vi cc nm trc, mc

d tha vn kh dng l kh ln, ko di qua nhiu thng trong nm ch yudo tc huy ng vn VND tng nhanh hn tc cho vay bng VND.Song, mc d vn kh dng d tha nhng trong nhng ngy cui nm 2006li sut trn th trng khng gim, NHNN vn phi h tr lng vn bngVND kh ln cho cc TCTD m bo kh nng thanh ton do th trngtin t cha thc s thng sut, mt s NHTM thiu ht vn kh dng vngp kh khn khi tip cn cc ngn hng d tha vn.

Tng doanh s trng thu OMO qua cc nm

n v: t ng

Nmthc hin

Sphinthchin

Khi lng trng thu theo ccphng thc giao dch

Mua khn

Muahn

Bnk

hnBn hn Tng cng

2000 17 873,50 480,00

550,00 1.903,50

2001 48 3.253,81 60,00 50,00 570,00 3.933,81

2002 85 7.245,53 1.900,00 9.145,53

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2003 107 9.844,1511.340,0

021.184,15

2004 123 60.985,91 950,00 61.935,91

2005 159100.679,1

5700,00 1.100,00 102.479,15

Ngun: Ngn hng Nh nc Vit Nam

Thng qua hot ng OMO, NHNN khng ch mua GTCG bmthm vn kh dng khi th trng thiu ht vn kh dng v m cn bnGTCG ht tin nhn ri khi th trng d tha vn nhm thc hin mctiu CSTT qua tc ng n li sut th trng lin ngn hang.

Quy trnh thanh ton tng bc c rt ngn. T thanh ton sau 2ngy k t ngy u thu (T+2) nm 2000, thanh ton sau ngy u thu 1ngy (T+1) nm 2001 v t nm 2002 n nay vic thanh ton c thchin ngay trong ngy u thu (T+0). H thng thanh ton in t lin ngnhng ca NHNN a vo vn hnh t thng 5/2003 to iu kin cho ccgiao dch trn th trng lin ngn hng v OMO c thanh, quyt ton tcthi, p ng kp thi nhu cu vn ca cc TCTD.

III. TC NG CA VIC IU HNH CC CNG C CSTTV TC NG N TH TRNG LIN NGN HNG GIAION 2008 - NAY.

1. Cng c chit khu

Trong nhng thng u nm 2008, cc TCTD c kh khn tm thi vvnkh dng, NHNNVN thc hin ti cp vn cho cc NHTM, nhtl nhng NHTM c quy m nh. Vic NHNNVN h tr vn ngnhn cho cc NHTM c tc ng tch cc trong vic n nh th

trng tin t lin ngn hng l gim bt tnh trng thiu thanhkhon ca cc ngn hng nh, t h nhit li sut lin ngnhng. T quIV nm 2008, khi tnh hnh th trng tin t tng bc ivo n nh, ngun v n c a c c TC TD c m b o n n nh uc u va y t i c p v n c a c c NHTM gim.

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Trong nm 2009, NHNNVN ra Quyt nh s 173/Q-NHNNquynh v mc li sut ti cp vn l 8%/nm v li sut chit khu l6%/nm. Ngy 10/4/2009, NHNNVN ra Quyt nh s 837/Q-

NHNN thay th choquyt nh s 173/Q-NHNN. C th nh sau:

li sut ti cp vn gim t 8,0%/nm xung cn 7,0 %/nm, v lisut chit khu gim t 6,0%/nmxung cn 5,0 %/nm. Mt ln na,

NHNNVN nng li sut ti cp vn tngt 7%/nm ln 8%/nm, lisu t chi t kh u t ng t 5% /n m ln 6%/ n m(Quyt nh s2664/Q-NHNN) p dng t 01/12/2009. Nhn chung qua cc nm li sutchit khu cng c iu chnh theoxu hng tng dn. Trong iu kinnn kinh t ang c nhng du hiu lm pht gia tng th vic p dngtng li sut chit khu s lm gim kh nngcho vay ca cc

NHTM, gim d lng vn cho vay, t lm gim d n cho vaytn dng ca cc NHTM.

Nm 2010, li sut chit khu mc 6%/ nm v c iu chnh tng1% nhng thng cui nm, li sut cp vn t 8% tng ln 9% nhngthng cui nm nhm tng tnh thanh khon cho h thng ngn hng trn thtrng tin t lin ngn hng.

Nm 2011, NHNN s iu hnh chnh sch tin t ch ng, linh hot vthn trng nhm mc tiu hng u l kim sot lm pht v n nh kinh tv m, gp phn tng trng kinh t." - y l mt nh hng chin lcmi, thay cho h tr tng trng ca chinh sch tin t nm 2010.

Hin nay:

Li sut c bn 9%

Li sut ti chit khu 12%

Li sut ti cp vn 13%

TGBQLNH ngy 19/4/2011 l 1USD = 20.733,00VND

Ngy 8/3/2011, Ngn hng Nh nc ban hnh Quyt nh s

379/Q-NHNN v li sut ti cp vn, li sut ti chit khu, li sut chovay qua m trong thanh ton in t lin ngn hng v cho vay b pthiu ht vn trong thanh ton b tr ca Ngn hng Nh nc i vi ccngn hng.

Theo quyt nh trn, Ngn hng Nh nc quy nh cc mc li sutti cp vn, li sut ti chit khu, li sut cho vay qua m trong thanh ton

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in t lin ngn hng v cho vay b p thiu ht trong thanh ton b trca Ngn hng Nh nc i vi cc ngn hng l 12,0%/ nm

Nh vy, y l ln th hai k t u nm 2011, Ngn hng Nh nctng mt s loi li sut iu hnh. Ln trc, ngy 17/2, mc tng li sut

ti cp vn l t 9%/nm ln 11%/nm, ln ny th t 11% ln 12%.ng ch l trong ln iu chnh ny, li sut ti chit khu c tngmnh, t 7%/nm ln 12%/nm

2. Cng c DTBB

Trc din bin phc tp ca CPI trong nm 2007 v u thng1/2008,NHNNVN ban hnh cc gii php nhm kim sot cht ch tc tngtrng tn dng v tng phng tin thanh ton ca cc TCTD. Bc iutin trong gi cc gii php tht cht tin t l ngy 16/1/2008, NHNNVN

ban hnh quyt nh s 187/2008/Q-NHNN iu chnh DTBBivi ngn hng tng thm 1% cc loi tin gi c ban hnh (trc,thng 6/2007, NHNNVN ban hnh Quyt nh 1141 tng tl DTBBln gp i). Nu so snh vi t l DTBB ti Quyt nh1141/2007 th mctng 1% l khng ln. Tuy nhin, nu xem xt s tin mcc TCTD phi httin t lu thng v th khng nh, c bit trong

bi cnh th trng tin tv chng khon ang trong thi im cc knhy cm.

Nhng thng cui nm 2008, ngn chn suy gim kinh t, NHNN

iu chnh gim t l DTBB i vi tin gi bng VND t 11% xung 6%

v tin gi bng ngoi t t 11% xung 7%.

n u nm 2009, NHNNVN ra quyt nh s 379/QNHNN ra ngy 24/2/2009 v vic thay i DTBB i vi tin ngVit nam ca cc TCTD. Trong cc NHTM Nh nc, NHTM c

phn Ngoi thng Vit Nam, NHTM c phn th, NHTM c100% vn nc ngoi, cng ty tichnh l 3% trn tng s d tin gi

phi DTBB. Ngn hng Nng nghip vPh t t r in nng thn Vit

Nam, NHTM c phn nng thn, Qu t n dngnhn dn Trungng l 1% trn tng s d tin gi phi DTBB. Mc chca viciu hnh cc CSTT nu trn l nhm n nh th trng tin t,lisut, t gi v h tr vn kh dng cho cc TCTD c iu kinm rng huyng vn v tn dng c hiu qu i vi nn kinh t, k cvic cho vay ivi cc d n u t theo chng trnh kch cu ca Chnh

ph.Trong tnh hnh ch s lm pht lin tc tng, NHNNVN iu

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hnhcng c DTBB mt cch thn trng nhm n nh th trng tin tlin ngn hng, li sut,t gi. iu gp phn kim ch lm pht kh hiuqu trong nm ny.

Bc qua nm 2010, NHTW quyt nh k t thng 2, cc ngn hng ch

phi trch 4% tng s d tin gi di 12 thng d tr bt buc, thay vmc 7%.

Vi k hn trn 12 thng, cc ngn hng phi d tr bt buc vi mc2%, thay v yu cu 3%. i tng p dng quy nh ny l cc ngn hngthng mi nh nc (khng bao gm Ngn hng Nng nghip v Pht trinnng thn), ngn hng thng mi c phn, ngn hng 100% vn ncngoi, lin doanh v chi nhnh ngn hng nc ngoi.

i vi Ngn hng Nng nghip v pht trin nng thn, Qu tndng nhn dn trung ng, ngn hng hp tc, t l d tr bt buc vi cc

khon tin gi di 12 thng l 3% v trn 12 thng l 1%, ng lot gimmt na so vi quy nh hin hnh. Quyt nh ny nh mt ng thi h trcc ngn hng cung ng vn ngoi t cho nn kinh t, to ra s cn bng trnth trng ngoi hi lin ngn hng.

Nm 2011 t l d tr bt buc bng ngoi t tip tc tng thm 1%. yl ln th ba lin tip Ngn hng Nh nc tng t l ny, sau khi ln ltiu chnh trong k thng 5 v thng 6.

V quyt nh trn, Ngn hng Nh nc cho bit mc ch l hn chtng trng tn dng ngoi t, to iu kin n nh th trng tin t vngoi hi.

3. Nghip v th trng m

Lng tin cung ng rng qua nghip v th trng m

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n v tnh: t ngNgun: Ngn hng Nh nc v tng hp ca nhm tc gi ( hp thhay ht v, khi trnh by li bng c th thy thut ng ny)

Doanh s nghip v th trng m qua cc nm

n v : T ng

Nm Doanh smua

Doanh sbn

Tngdoanh s

giao dch

% so vinm

trc

S phin Doanh sbnh

qun/phin

2008 947.205,900 88.859 1.036.066 260,1% 402 2577

2009 966.880,460 100,162 966.980 - 329 2939

Nm

Qu

2008 2009 2010 2011

Cung

ng

Hp

th

Cung

ngrng

Cung

ng

Hp

th

Cung

ngrng

Cung

ng

Hp

th

Cung

ngrng

Cung

ng

Hp

th

Cun

ngrn

I 202236

202417

-181 52553

46994

5559 327868

279340

48528 1285146

1202215

8291,9

II 445000

421002

23998

76883

68618

8265 413952

348306

65646 1014916

1084791,9

-6985,9

III 283100

280000

3100 267393

238494

28899 446510

365326

81184

IV 83860 10273

73587

570050

489943

80107 920385

821439

94946

Tnghp

1014196

913692

100685

966879

844049

122830

2108715

1814411

294304

2300062

2287006

1306

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2010 2.101.420,401

7.294,919 2.108.715 211,5% 491 3240

6 thng

2011

2.300.062 2.300.062 241 9544

Ngun : Ngn hng Nh nc

Chnh sch v kt qu ca chnh sch nghip v th trng m.

Nm 2008 S Giao dch NHNN t chc 402 phin giao dch TTM,tng 47 phin so vi nm 2007. Mua giy t c gi (GTCG) chim n64,67% tng phin giao dch vi doanh s trng thu chim 91,42%. Khngch tng s phin giao dch, doanh s giao dch cng tng k lc so vi nm

2007, trong ch yu l giao dch Mua c k hn (tng gp 15 ln so vinm 2007). Trong khi , giao dch bn hn ch cn 76.837 t ng, gim4,6 ln so vi 2007.

Trong 6 thng u nm 2011 ni ring v giai on 2008 - 2011 nichung, NHNN iu hnh ch ng, linh hot, hiu qu cng c nghip v thtrng m. cng vi cc cng c chnh sch tin t khc, bc u kimch lm pht v thc hin c hiu qu cc mc tiu khc ca CSTT. Lngtin cung ng v rt v ca th trng m c s phi hp cht ch vi cc

cng c khc ca CSTT nhm pht tn hiu iu hnh CSTT.Cng vi th trng m, NHNN vn duy tr cc cng c khc ca

CSTT nh chnh sch ti cp vn, d tr bt buc. Do vy, trong cc thiim c th, th trng m c iu hnh linh hot, gp phn to s phihp cht ch vi cc cng c CSTT khc nhm t c mc tiu CSTT.

S thay i li sut nghip v th trng m lm tng kh nng iutit li sut th trng ca NHNN Vit Nam. S thay i ti 5 ln li sutnghip v th trng m trong 6 thng u nm 2011 th hin s bm st li

sut th trng v vn ng cng chiu, phi hp cht ch gia li sut cbn, li sut ti cp vn, li sut th trng m, li sut lin ngn hng, lisut chit khu l c s cc ch th trong nn kinh t a ra quyt nhu t, sn xut kinh doanh ph hp...

Cc hn ch ca nghip v th trng m

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iu hnh chnh sch v m nn kinh t thng qua chnh sch tin tyu km m c th l vic iu hnh chnh sch t gi c lc t gi do NHNNcng b xung 15.700 VND n 1 USD v trn th trng t do lVND/USD=15.500 trong thng 02/2008 nhng n ngy 27/05/2008 th mi

chuyn hon ton ngc li t gi chnh thc do ngn hng nh nc cngb l VND/USD16.212 nhng trn th trng t do VND/USD=17.550.

Danh mc cc GTCG c tham gia TTM cn hn ch bi i tng,k hn giao dch v t l % c giao dch gin tip lm gim tnh thanhkhon ca th trng vn.

NHNN cha xem xt vic thc hin cc giao dch hon i vi thtrng lin ngn hng thng xuyn m ch giao dch trong thi k khkhn v thanh khon. Do vy cha khuyn khch c cc thnh vin giaodch thi hn di hn, vi khi lng giao dch ln hn trn th trng linngn hng.

Giai on nm2009- nay, NHNN cn gp nhiu kh khn trong iuhnh nghip v th trng m nhm kim sot lng tin cung ng, iu nynh hng bi: Hot ng nghip v th trng m khng mang tnh bt

buc, v vy, s lng thnh vin tham gia th trng mi phin cng khimtn:

Chnh sch tin t a mc tiu kim sot lm pht, va h tr tngtrng kinh t do vy, vic bm tin qua nghip v th trng m vn phinm trong ch tiu lng tin cung ng tng thm c Chnh ph phduyt. Do , phn no lm gim tnh ch ng trong iu hnh nghip vth trng m ca NHNN Vit Nam.

D bo cung - cu vn kh dng ca NHNN i khi cha tht chnhxc. Sai s trong d bo thng khng ng u nn kh khc phc. Khnng h tr vn kh dng cha p ng c yu ca tt c cc TCTD tham

gia th trng. Cc TCTD quy m nh hoc cha quan tm, hoc iu kintham gia th trng yu nn khng thng xuyn tham gia th trng. Dovy, khi thiu vn kh dng tm thi h phi vay trn th trng tin t linngn hng vi li sut cao, t gy xo trn trn th trng tin t.

IV. GII PHP V HNG I TRONG NM 2012.

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Mc tiu c bn ca CSTT trong thi gian qua VN c bo m thchin tng i hp l v c c nhng thnh cng nht nh.Tuynhin, tip tc duy tr tt vai tr ca CSTT nh mt chnh sch KT v mca nh nc,to s lnh mnh trong hot ng ti chnh ngn hng ni

ring v s n nh lu di ca nn kinh t, vic thc thi v dn dn tngbc hon thin CSTT cn thc hin cc nh hng sau:

Mt l, iu hnh linh hot v ng b cc cng c chnh sch tin t,m bo kim sot lng tin cung ng ph hp vi mc tiu kim sot tng

phng tin thanh ton 14-16% v tn dng tng trng 15-17%.

Hai l, v gii php iu hnh tn dng: NHNN ch o kim sot tngtrng tn dng v d n mua tri phiu doanh nghip pht hnh ln utrong sut c nm 2012 ti a l 15-17%. Giao ch tiu tng trng tn dng

i vi cc nhm TCTD trn c s xp loi TCTD ca C quan Thanh tra,gim st ngn hng v theo nguyn tc TCTD hot ng tt th mc tngtrng tn dng cao hn nhm TCTD hot ng cht lng thp hn.

Ba l, iu hnh t gi v th trng ngoi hi linh hot theo tn hiuth trng, ph hp vi quan h cung - cu ngoi t trn th trng, din bincn cn thanh ton quc t v cc cn i v m; tip tc hon thin khunkh php l v qun l ngoi hi, khuyn khch xut khu, gim nhp siu,thu ht cc ngun tin u t, kiu hi,... t nc ngoi v nc, to iukin tng d tr ngoi hi nh nc.

Bn l, tng cng cng tc kim tra, thanh tra, gim st th trngtin t v hot ng ngn hng, kim sot cht ch cht lng hot ng cacc TCTD, m bo an ton h thng trnh ri ro v gim n xu, n nhv lnh mnh ha th trng tin t, trc ht l th trng lin ngn hng,k c ni ngoi t, th trng vng.

Nm l, trin khai ng b cc gii php c cu li hot ng ngnhng theo n c Chnh ph ph duyt vi nguyn tc khng xy ra v ngoi tm kim sot, tng bc nng cao tnh an ton, lnh mnh vhiu qu ca h thng ngn hng. Kin quyt x l dt im nhng ngn

hng yu km, to iu kin thun li cho cc TCTD hot ng an ton, hiuqu pht trin.

Su l, nng cao cht lng thng k, d bo phc v cho hoch nhv iu hnh chnh sch tin t.

By l, lm tt cng tc thng tin truyn thng, a thng tin y ,kp thi v cc gii php iu hnh CSTT v hot ng ngn hng.

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KT LUN

Nh vy, qua s phn tch v bnh lun CSTT ca NHNN trong thi giangn y, chng ta nhn ra vai tr rt ln ca CSTT trong nn kinh t. xt

chnh sch tin t tt hay cha tt i khi phi xt gc ton x hi chkhng ch gc cc doanh nghip v NHTM. V CSTT ch c th tc mc tiu trong di hn nn chc chn rng nhng CSTT trong ngnhn s khng no p ng c tt c cc mc tiu v lm tha mn nhucu ca cc NHTM cng nh ton nn kinh t. Tuy nhin, nhng phn ngkp thi v linh hot ca CSTT s l mt trong nhng cng c hu hiu iutit nn kinh t trc nhng bin ng din ra hng ngy theo quy lutchung ca n. V thc hin iu hnh chnh sch tin t mt cch hiuqu trong thi gian tip theo NHNN cn rt ra nhng bi hc kinh nghimv phn ng th trng trc nhng s thay i CSTT v bm st hn nath trng pht huy ti a vai tr ca mnh.

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- Slide Th trng tin t - HVNH

- Gio trnh ti chnh tin t- H LXH

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