TÁC ĐỘNG CỦA CHÍNH SÁCH TIỀN TỆ ĐỐI VỚI HOẠT ĐỘNG CỦA NGÂN HÀNG THƯƠNG MẠI

TRƯỜNG ĐẠI HỌC KINH TẾ TP.HỒ CHÍ MINH
VIỆN ĐÀO TẠO SAU ĐẠI HỌC
 
 
 
 
 !"#$%
 !$%
 &'()*"
Đề tài: TÁC ĐỘNG CỦA CHÍNH
SÁCH TIỀN TỆ ĐỐI VỚI
HOẠT ĐỘNG CỦA NGÂN
HÀNG THƯƠNG MẠI
TP. Hồ Chí Minh – Năm 2012
1
1
MỞ ĐẦU
+ $%,- ./ 0 1%2/ 345  67( (
83 9:;2 < (83 9  $=>*  ?3@ABC
*B-CD+<EF- .0 1:D+:$G
?H- . I;B(:9F(, :5D*+
8?29 JKF<. D$=B+L:BB:$G>CF
@( ' K 9FM *:5 *8DJ@* 8 -NO$H
3P:9(, :5D*+ $%,- 0:O$H
:983 9Q"/:8:$G O(<R5 *' F2H<S+
<%/>-TU:83:-((10* V@OW/ 3B(
D*B(>F93O# 9>R-T+;>33#F1
(, :5@OW/ 3B(@S3 ? 92V $=:$G-$-RF
3 93 ? # $HI/ < (:83<,>* ::$G3?
@(* F$O>* -@ (*3 9UX<(DWY5<,:B/
W/   $=2/ :5@O B/C$-N ( V

,:2#F  $=73(*: (:1TZ$-N
[ \[@C \2/  $=F  $=L ( V ,@OI
"@ABC*CJ@* 8 :?:8 9 (, :5+-
0::8 9 *(, :53 9<M(, :5 $=F 
':?-R*C5 *0O V3>OB!BI"V-RF
-'7 *:5DJ@* 8 :9(, :5D+ $%
,<- 9 I
)9 /D:8 (>H2-39 <RF:8 2(2$%
:$G2TC$@
Phần I: J@* 8 FC 'F%9 *:5D*CDJ
@* 8 :T-EI
Phần II: K , *:5DJ@* 8 :T-E(, :5DI
Phần III: ]** K ,-O>*>
^-9 D_3 *3PM 9@ I( $E
BN 'I_W+ *%"L`:Y 8:, (
_M39 7:? K:8 I
Phần I: Chính sách tiền tệ:
1.1 Khái niệm chính sách tiền tệ
J@* 8 a(_ >(<b<0* V0O<c 8D+
$%`$E E5 <Y@/ (T:?:, :$GMC:J6
2
2
:- # $H3 9$389<,>* FB V6: d*T:(*F:,
:$G (BC<(:5 # $H3 9IJ@*<$  8 2(
- :6*<(,<Y@/ / :F ? K 9>* 9> 0
*>-C  $=He0:7BK M2Z 25e(; (:6 ' 
$=(,TI
-( VV3 9-:83DX$EFJ@* 8 fB,
J@* 8 H5a # 8FO<Y@/ :? :g@OW/ 3
B(FO / >$<,>*  #UJ@* 8 T / >b

(;J@* 8  Z ; aO 8F #<Y@/ <O: $-(@O
W/ 3B( h:O<,>* $ / > #UJ@* 8 6
:* : 8b
" JJ@* 8  (*C:8 9 3 9-iD$E V
J@* 8 <J@*0 1/ -V *:5 K 9>-(<i-K
<$  8 Ij(L0; S-E*J@*3 9-i
3*$J@* 3FJ@* R>FJ@*3 9:T(,I
]T-E$E $%F-(,:- K J@* 8 <(,
:5%2O/ F1(, :5D:`<(J@* 8 D0T
:$G K0O%I
1.2 Mục tiêu của chính sách tiền tệ:
Ổn định giá trị đồng tiền:k 0J@* 8  *:5:9@K
#O* : 8D0TIl* : 86::$GW_Wm  'f
; j7:T5D: 8an@T*O-B-C ($Eb-
@7:T(,a d*: 8$EV@(-E(, bIJ@* 8 
$E:96:* : 83i< d<<,>* op-V$-R8
3 93 ?>*  ?:$GI
Tăng công ăn việc làm:J@* 8 H5 q>O$H K
9>:9-@ABC0O*<KWY5F0@OW/ 3B( h:
O$H:9 d< / >D83 9I
Tăng trưởng kinh tế: # $H3 9<<C 'D1J>D
(-(,:*J@*3 9-iDVF:?M(>:5 #
$H:6:F:;2 6:* :2O </ 0 1F. ?
<. DB+:T-EJ>DIC 'n:, :$G339 0O
C ' ':, :$G5 *.I
T0M*C 'T0; SFX GF3 *
=I$W_Wm  (Z, V*C ' ?+ N RJ
  '<NI"V-RF:?:, :$G*C ' '5 *. Vk
3
3

(3 KJ@* 8 @K39 G>-E*J@*3 9-i
3*I
1.3.Các công cụ của chính sách tiền tệ và cơ chế tác động đến hoạt động của
NHTM.
1.3.1 Dự trữ bắt buộc:
a) Khái niệm
rK M2Z 25F d<BK M2Z 25<5 0:D+ 
$%-8 d<M 8; - 8A*+ $%,2Z 25>O
+ D:?:O2O( J 3(OI*+ ?M 8; (%(;
2` d<BM M2Z 25$3:$G>m>M 8; J % d<I9
9C  8; *+ $%,>O- ' 8; F $=< h+
 $%:?:O2O( d<BK M2Z 25I]+<5  (MCD
+ $%` KJ@* 8 2`*< :6@T
+ 8 I
 $=F d<BK M2Z 25:$G*+ $% ' 9E
0:< d<MBK M 8; @(-E 8A-Y<<5 25>R/ 
D30: d<MBK M 8; -E 8A34,a 8A
9 3IIIF5 25>R/ DfbIrM M2Z 25 ?:$GAH+
 $%(;M ,3m BK MD+ $%,I'F 
$=*+ $%,@SAH+ $%:?:$G$H<Y
@/ Is" F d<BM M2Z 25:$G0:(<(, 8A 8A
334,5-E 8A34,B$E#- 8A =, h#
:9f#F (: d<BM M2Z 25@(-E 8A34, h:9f# />
%I( d<BM M2Z 25.:$G0:3*:T-EM<(,
+3* ? _(0F J/ (, :5III+ $%
D5 @T0T$*$E 5FtjuFIII:Y3.*>BC0
: d<BM M2Z 25MI
b) Cơ sở xác định dự trữ bắt buộc
" :6 d<BK M2Z 25O$H K 9>:9@T+ 8 
aov@w@vxywvyyb (%9 ,( 8D*I; 3*3 #aOb d

<BK M2Z 25 V3O#(-DOa #bF<(<Y@/ (
- #aObF h:<(<$G7 8Oa #bI
k*$E $=@ABC d<BK M2Z 25 (- .<C:8
J@* 8 F>k3?@(* @T+ 8- '%@H:3?
@(* 3T<$G 87FB(:F -(C 'J@* 8  ( h
=34 d<BK M2Z 25:$G0:3*I
4
4
c) Tác động của dự trữ bắt buộc
Tác động của DTBB vào lượng tiền cung ứng
"82O/ Fr^^<5 3(O 9-Vk08@ABC:?
:*-(-T:5D`3?@(* @T+ 8 0
<$G 87^I"V-RF:+<5 CJ K 9>I1k
n ,(:$G^(83 9F$ 6>$%   (* (83 9
<,<fF<E%8<@(-E^=@T+ 8B(* ,( 
0*>-CR 8A-  (*?3(Oa3B 8; b
0I^O/ D<c 9 $@91 6*  8; B(
k>* <^8;  (<$ abe 8; B$EV 7
8ABK M2Z 25D ,kayb- 8; B$EV 7BK M
:O2O(  (* ,0iD*axbe1r< 6 8A*<(,D8
3 9-( TF V%/ 8 (83 9$@^ovy
vxI]+J< 8; nkE ,(:$G2`08<K:5
08>*  8 _(&R :I]?>+ J%9 *:5Dy:9*3T
8 F ?B*<<$zG 0:6*+ T/ ^ 8AI_(
:n@A@ABC*@T $%7<3FF_-E3owrFoywrF_oxwrF V ?
B!O:%O/ D^ _(r$@
^ovyvxo3rvrv_rora3vv_bo{rowa3vv_bW^ab
hab ?V /2? 7aw3vv_b<@T ,( 8Ar '%@H
87^I(:N@Ta3vv_b<<P%-Vr<<<E
%^/ 82H:J<0<R  (9:5<$  8/I

; 3*F9 6@T ' 9:9i<7 P5 %9
<$  8 0*93m- V I $=HM$E8-#
 (*( V@T3-_PFi< d< 8; - d< 8BK M:O
2O( ( 3(ODP@(-E 8ArI$=3n hpFf
:9pF-_ hpFp|:9pFpfIy'@T>C 5-( , *7 JBC
83 9D*k08D:50:C ?( h
=343*I $= d<BK M2Z 252V0+H*$E3-K<
:9}~@T hpFp:9pFp}IH"  , =:?*@T
'(%H*$E V:50O +3* (3-K
3(O hfp:9|p~Fi< ,"  ?$E J*@T '
(:5 (3(O3opFf•:9pFe_opFp:9pFpfeopFp€:9pFp•o{6
@T(:5 hpF|f:9pFf‚i<@T+ 8A(:5 hwpF|f:9
wpFf‚ofF‚•:9|Ff<Ir(0@T'9* d<3*3
:6( :6O@A #@T<'7 hpF:9pFp• V@T+ 8A
@S :63*  ,  _($EO :a-V  N  @T #<'b  h wpF|‚:9
wpFfofF‚f:9‚F€fIh* 9>R 'F ?>*  ?*@<RBK-(
2O/ 3 9D*3T 8 (* J* *:5D:9@T+
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6
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9:? -(-:8 9 -3?@(* <,>* I
Tác động của DTBB đến mặt bằng lãi suất tín dụngI
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3*‡<(,B-C:? ? 9>R:$G*7* (3B(B
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h =34D h]+<- J 6G>F33#-
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 29 `X@O>g@(:8nf>J ,( 
E,B$ED*2*I]<b>J K 9>a<$%F:F'<F  9
2'B 6 1 ( #F*>J K 9>3*IIIb-b
>J* 9>a3/(F0O<cFBK>.D(F>J* 9>3*IIIbIr$E:+<
* J (*->+ J*(@O>gJD"„-:?(
-„ (: $ JBC
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6:5>+26(C:J: $ JBCF Vab@S< 6B$G
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$ˆ0OD(, :5(-aI:&@ <Y@/ :52V0+bI
( 7 'F029-E&@-(I9 # d<r^^
0 #@T V@T@ABC-Toaav_bb@SP%F<(

*H$ˆ0O&@ w #<'-(-@S3%-Vf<Sb
$=-3@‹@ O*(2H<Y@/ J 7>OB(  $=09
:eb3,:$G<Y@/  8A<(<GRD
?/  />F-V9 , =:? J (*F '  $=<Y@/ (-a&@-b
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((, :5: $ JBCDI$E:+ 1@T<„'
<<Y@/ 2V0+::-(„I$-RF  (r3[V\ /
>J-T<Y@/ :5Fr^^aybFBK M:O2O(  (*axbF$J
:<,<25>R<E/ a:-(b:Y[g\-(@T$= JBC
a$=-b>O O 0<Y@/ --Ta:bIIIr(:r^^<5 + T
/ 0 1 09 :7*H$ˆ0OD(, :5(-
7
7
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 T
1.3.2 Chính sách tái chiết khấu
J@* *9 3/2(*0:-:83-8-(-
3?@(* 2`* *:5:9<Y@/ (- *9 3/I
&Y@/  *9 3/<<Y@/ :*-(*3(O 8(*+
 $%,-:?:*>7 8; Z,(;2/  $=D*
+I
) d<BK M 8;  K 9D+ $%,OWT:9 d
< ( T ? V1@S>O+Z- 9> C(-3-V25
>O J (*M@T 8 :$G h-(--E*>J<'0 (
$=G>3* 8; (2/  $=
9<Y@/ 9 3/2`(; />%<Y@/   $= V+ $%
,@S 9> C(-:93 d<BK M 8; O:97 T ?(>m>-V
9 9 8; 1 ?- h+ $%3>O2/ 34
 ,(I
9<Y@/ 9 3/(%<Y@/   $=F*+ $%,3

?:?( d<BK M 8; OWT:97 T ?(>m>F RJ>O
BK M ' 8; :? *>O- 8 h+ $%-E<Y@/ (
%<Y@/   $=3>* @ 8; 2/  $= h>J3*I
r(-RF-E5  8%@H/ :F2`*0:<Y@/ 9 3/(
%<Y@/   $=F+ $% ?25*+ $%,
>OBK M 8; 26@39(@T+ 8 OWTa-V25@TD 8
A@(-E 8; Ob:?<O<$G 8I$G<,F3<Y@/ 9
3/OWT V*+ $%, ?O d<BK M 8; -B(
-R@T+ 8  #<'BN:9 #<$G 8I
1.3.3. Hoạt động thị trường mở
a) Khái niệm:>-C  $=HaŒ>_3_ Œ>_ (UŒŒb ?:$G
?<(, :5Dk K--((;2**/ =*
` :6%@T 8 F '%@H: *:5:9<$G 87-<Y@/
Z,I
b) Cơ chế tác động:
%9 *:5< *:50BK M2Z 25-0<Y@/ I>-C  $=
H-T:$G(<CJ@* 8 0 1/ DkI%9
(, :5D>-C< 0- :6 (%@T 8 +'
M29:5 K 9>:9<$G 87-* 9>:9<Y@/  ' 
8
8
$=Ir(::??†%-8%9 *:5D>-CF <
†<,*3*-8%@H 8 -<$G 87
Tác đông trực tiếp đến cơ số tiền tệ
)kw2**/ =*allbF@S *:5<R> 7:9
BK MD*aybF$-R:Y+ *:5 K 9>:9%@H 8 
a^b h:O$H:9<$G 87ajb0V:Y>+ JH 'I
C ?
)2*/ =*Fk:Y q>%@T 8  ,IjKO
WTDBK M@SBN:9O3O#(-D*+F h:3T

<$G 87  $=@SOWT _(25@TF:(<$=2`@T+
8 I
)*/ =*F$G<,Fk:Y< #%@T 8 FBK M
D* #<'F3T<$G JBC #<'F0:< #3T<$G 8
7I
Tác động gián tiếp đến lãi suất thị trường
7/ F3 K>-CFk< :6<$GBK MD
 T+F:8@S *:5:9-TDk '  $=
8 <'+IjK29:5<,BN:9@K :6<Y@/   $=<'
+I7<Y@/ Z,F 0BK:(*D  $=-*(,
:52 _-8<Y@/ F@S 8 *:5 E*7<Y@/  -B, '
 $= JI
7F-2*ll@S<O$H:90-8
<(,ll: '  $=-*ODI)*73(* :6F d<@
<=DL :6I93T<$G73(*9 d 1<E (
*(B '  $= J V@K :6 d<@<=D@S *:5
H<,<Y@/   $=F--V 9 *:5:9: $- '
BDWY5Ir(:F< :6@O<$GF*O-#-<I
1.3.4. Lãi suất
a) Khái niệm
k:$5 3<Y@/ /B5  <Y@/ (-:?$E
*:8n<Y@/  _(E,:F h:O$H E0 JBC
D83 9-k ?:, :$G0O<c7 8DVI
l>(k K0O<c<$G 87 _(C 'D h
=34F:8>G>-E*0T3$:83:?>*  *BC
D*C* 9>Ij(FB!</ : J3*0D<Y@/  (
9
9
83 9-V K/ <Y@/ <[*O\D-TB(-R>O:$GV  h
J0-8-T (83 9I; 3*- :60:

:8n<Y@/ B!<(*2:5F T3m ((, :53
B(DVI
b) Cơ chế tác động
":8n<Y@/  _(W$E #O@SO$H K 9> E0
:5-(-D*<(<$G 87 :6 _(I
1.3.5. Tỷ giá
a) Khái niệm
d*T:(*<:,<$G2? T $%0-8; * M:
8F< d< (:6M: 8$E-E: 8$E3*C ?%
< d< (:6M: 8 ($E-E: 8$E(I
Cách hình thành tỷ giá trên thị trường
d*  $=:$G09 :2H--8(,  '  $=(,
TI
-8(, :$G@ h<$G(, 1$=T2*:?:6</
:5 I(, :29-E d*T:(*Id*T:(* #< #
(, -$G<,I
-8(, :$G@ h<$G(, 1$=T2`:
5 I-8(, 29-E d*T:(*Id*T:(* #<O
(, -$G<,I
b) Các loại cơ chế tỷ giá hối đoái
%9 d*T:(*< 6G> / OM:83k(>m>W*
: d*BiI2<(,%9
Tỷ giá thả nổi hay tỷ giá linh hoạt<<(, d*:$G09 :2H-
(,  '  $=I_(%9 O6Fk3>O0 +:9
-:8.<$G-(, I
Tỷ giá cố định<<(, d*:$G09 :2HkI_(%9 d*T
:Fk2T7 d*J 7-39 B V3O#?:6
: 8 ($E-E: 8$E( _(7:Y2TI h<
k>O2*(, :?M6:7 d*:Y:$G2TI
Tỷ giá thả nổi có quản lý<@K39 G>M d* O6- d*T:I_(

%9F d* ( K 9 ?:$G09 :2H  $=FL ?B(
k/:I$= V3  $=J 29:5F d*:$G O6 _(
10
10
- '  $=(,TI$3@KB(:5,-D d*
 $= Vk@S >:?6: d*I
Cơ chế tỷ giá hối đoái ở Việt Nam
l:(,€€••%9 d*T:F9:5: d*I
l:(,€•€€€f%9 d* O6I
l:(,€€‚€€•%9 d*T:I
l:(,€€}:9%9 d* O60O<cI
Tỷ giá hối đoái-kênh truyền dẫn của chính sách tiền tệ
3' 8BN 0 d*T:T dJT:(* *:5W/ 3g
- d*T:(* *:52O+:T @OD*:%- J-> 
JI
Tỷ giá hối đoái tác động xuất khẩu thuầnJ@* 8 H5BN:9<Y
@/ :5 OF3m( _(: 85 OJ@(-E:(, a d*
T:(* #bIjKO*:5 <( ($E•%%
$E(FW/ 3g. #F-V 9< #@O<$GI
Tỷ giá hối đoái tác động bảng cân đối tài sảnjK29:5D d*T:(*
O$H:9 6 02O+:TD*  J-> 
J35 @T<$GG:*3?2`:(, IJ@* 8 H5
@S<O* :5 F #*;GF<*   @OOF
BN:9-$GOFO: $-O@O<$GI
Ổn định tỷ giá hối đoái
jK29:6D d*T:(* *:5,S:91(, :53 9F h
(, :5W/ R>3g:9@OW/ 3B(- 'B ($E029
:6D*OIr(:F dJT:(*<5 C:$Gk K 
J@* 8 DVIC 'Dk3:8 d*<M d*6
:H5 7:5(:F>G>-E:;:?F:83 K 9D:/ $E (

h:(,I
 _(%9 d*:*>BCk@SMJ@*>G>:?
6: d*I
Nếu theo cơ chế tỷ giá thả nổi V--8(,  :6:9:+F d*
@S :6 $%7:9:F _(7+2` '  $=F3@K >
DkI
Nếu theo cơ chế tỷ giá cố định V(B-(,  '  $= 
:6F-N>O:O2O( d*3:6I$-RF3@K29:5D  $=F
TB V d*:Y:$G/: Vk>O:8.<$G(,  ' 
11
11
$=(,T:?:O2O(@K+2` ,:?(TI^>*>
D9k $=B:? >-((, <@ABCBK M
(,T-0u2V6T:(*I $=G>
v]?+2`  $= />% d*B(k/:'  $=@S
 $GP%F ,(' V , h(, I]?B V d*T
:Fk@S:$5 (, -(<((,  #F d*@S h
h #<':97 d*T:F (:83*+ T3*3:6I
v]?+2`  $=(% d*B(k/:'  $=@S
 $G<E%F ,(' V , 9(, I]?B V d*T
:Fk@S2*(, F 5 -(<((,  #F d*@S h
hOWT:97 d*T:F (:83*+ T3*3:6I
Nếu theo cơ chế tỷ giá thả nổi có quản lý V:<@K39 G>D*J@*
(%9 d* O6-%9 d*T:IC ?F3 d* #( V
k (, 2*F.3 d*O Vk@S(, -(I
]8<$c3:8 d*<(, :5(;2*(, Dk
3nO$H:9 d*F:9BK M(,T.< :6:9<$G
 8 (83 9
v)k(, @S< #<$G5 >* F h:<(<$G
 8 #I&$G 8 #BN:9 #F ?+*><K<,>* I

v)k2*(, @S<O<$G 8I&$G 8O ?
+*><KOFO*FO@O<$GI
1.3.6. Hạn mức tín dụng
a) Khái niệm:
C,7 JBC<C > K 9>F JJD
:?3T97 #3T<$G JBCD* 67 JBCI,7
JBC<7B$G T:25*+ $%,>O/>
3/> JBC(83 9I
b) Cơ chế tác động:
]+<5 C:8n K 9>:T-E<$G 87I"0:
,7 JBC(83 90 R8-E0<$G 8
7 _(C 'DI
^`C,7 JBCF0:(*5 ,7 #
$H JBC T: (5  =/ :I]+<5 2>*>,
<K:*3?I'F (83 9  $=F JBC<29
:53hI('CJ :$G*>BCI
12
12
Phần II:Thực trạng tác động của các công cụ chính sách tiền tệ
2.1.Dự trữ bắt buộc:
k*$E $=@ABC d<BK M2Z 25 (- .<C:8
J@* 8 F>k3?@(* @T+ 8- '%@H:3?
@(* 3T<$G 87FB(:F -(C 'J@* 8  ( h
=34 d<BK M2Z 25:$G0:3*Ih *pwfpp•pwfp
:9F d<BK M2Z 25:$G:8nOF-:8nDF
5 ; F`:$ JE<P 8 e; 3*F 0-+(
@T+ 8J 7H53O#(-F3J J*+ $%
,:g,(, :5 JBCF JK7-T(83 9I
F3@ABCCBK M2Z 25Fi<Fk:T:8
n@T+ 8F;B-R$C ':O2O(3O# 3(O(

+DBK M2Z 25-N32/ :ciDF3M 9F
.<%@H:?W*: d<BK M2Z 25I
 M#7C ?@ $=:$G@ABC:?:$'-8 d<BK M
2Z 25
J/ 34,DX<(, 8A -( J/ 34,D 8A
i-CBK M2Z 253*e  $=34,B V7:56:
(-:5D( 3(O />--V 9F d<BK M2Z 25:T-E<(,
8A $= />%@(-E<(, 8A34,Z%I
7:5D*3(OG0D* 8AI $=0
D* 8A( V3O#D((--V 9F d<BK M
2Z 25@S d< R-E0 8AI"8:8F  ? 3O(
' d<BK M2Z 25DŽxrI
&(, 8A3*L7:K3O# ( 3(O3*
'k ?0: d<3*( 8AD*: 83*I
(F d<BK M2Z 25. ?0:  _(0-7:5
(DX+III
)0: d<BK M2Z 25Fk•TL#7-(0
D+F<E d<BK M2Z 25(%0PI
f}wwfppF:?389<,>* Fk•T:Y # d<BK M2Z
25 h}F~*>BC(+<E<'•~e- hF~<'•~*>BC(
+PI] =-E # d<BK M2Z 25Fk•TL
#<Y@/ %2O hF•~<'F•~I
13
13
s$E F d<BK M2Z 25L:$G>+  _( J/ 34,F<(,
8A-  $=F<(, 8A34,ZF 8A2`(, >OB V
5  d<BK M2Z 25(%I^',:F@K3*2 -8 d<BK M2Z 25
M*+L:$G0 +I_(0: ,•9 :@T‚}€w•]
*>BC hf|wfwfpp€a:T-E"rb-•9 :}€w•]*>
BC hpwfwfppa:T-E(, b V d<BK M2Z 25:$G0:$@

 ]?  39  3J 5  @T    (  -    >  -      
p•wfwfppF:Y2* 2*(@T|}e|•e|€e|•pe|•-8-*>
BC d<BK M2Z 25:T-E* 67 JBC d 1(->
- ( _( $fpwfppwf€w€wfppDI_(
:F•u JBC+B+$%:$G*>BC d<BK M2Z 252`wfp
@(-E d<BK M2Z 25  $=e+>-*  ?
" F6>•T9" F6>)'&(F
6>'):$G*>BC d<BK M2Z 252`w@(-E d<BK
M2Z 25  $=I"E0::Y26@ '5 %@HE
(-W*: d<BK M2Z 25F:< d<BK M2Z 25.  5-(
:T $G: $D*
2.2. Tái chiết khấu:
s" F(- *9 3/:Y:$G@ABC$<5 CD
j hM#:D =34:6EI-RF-V$5:DM
:83'-*>BC.O:%<(0OD.8,
9I;B-R (M#:+:Y H C:Z<K>>
K T *C 'Dj0TI
=34:F(-9 3/:$G K0-(-
Z,#7-(39$E JBCa/ <$GbB(:_ 9/> ,
F<Y@/  */>-T:$GW*:BK _(<Y@/ (-a(/ bD*
-:$G:8n<(,  _(C 'j0THX =34I#
€€|-EC '389<,>* F,9 E7 />/ 7 */>
-T(*0-+<Y@/  */>-T h•~pp~<Y@/ (-
*F'><€~I#€€:?:g,C ' 'F
:Y$ */>-T(*`:g, * G-
O(- JBCD*I=:F:9T€€B$G(-9
3/D:YOWT‚~@(-E€€|I#€€•F:?O09  V ,
33# (  (*D*F:Y K-(-Z,:T
-E* ( $=G> , = 93O#  (*a0*>'
 (*2 h ' h:2bI$*>BC<Yi@/  *9 3/H7 T

:I]85 ; 2O(:O:$G@K6:D T+F; 3*,
9:$G3O#7-$G 0-8 JBCD*: =39
3J-:5-TD*FL,92E -*- 8
DF-V-RT#€€•FB$G(- *9 3/n #‚F~@(-E
€€I
14
14
(#€€}:Y@ABC>$% 7 */>-T 9/>a2`
7 hF 8A(,  ,b`2:Z>33# , = ( 
(*(*I&Y@/  */>-T:$G:8n h0:pp~<Y@/
(-D*:T-E83 9@0:7<Y@/ C ?a h *
‚ *}#€€}bI7<Y@/  */>-T0:<F~ *F h•w€€}<
pF€~bIr( (#€€}*:Y JK% (- OG-3O
#:5-T #':9T€€}FB$G */>-TDOF€~
@(-E€€•I
#€€•F:? KJ@* 8 [ Z ; \`,9@K #
<,>* B(O$HO53D(O J3-KF:Y #<Y
@/  *9 3/ h~

*F~ *a />% 8<Y@/ (-Z,<
pF~ *I
#€€€F-EC '393J # $H3 9F3Z>C%
O>* :Y|<:8nO<Y@/ (- */>-T h7F~
*:#W/ pF~ *: =09-8>-C/ 3/F *9
3/:Y:$G2:?>*  ?5 2$E0OC (J@*
8 - ,(3O#+:T-T(, :5(*+I*/ =
*Z,:$G9 3/ ,< J>93(^,F *>9-
*/ =*Z,3*B(0:HX =34I7<Y@/  *
9 3/:$G2T<pF|~ *I
#fppF`393JH5 JBCD*rF:Yf<

O<Y@/  */>-T hpF~ *WTpF|~ *a‚w‚wfpppb-WTpF|~
*a‚w}wfpppbI] =LO<Y@/  *9 3/ hpF|~ *
WT.pF|~ *a‚wfpppb-WTpF‚~ *a}wfpppbI-R(:9
€wfppp:?,9*r2:Z> 9C   (*0V 7- */>
-TF *9 3/ h-393J K2:Z>0  $=H
` :g@K>*  ?D  $=F: = ,( J(*r
#<Y@/ :5Ffwwfppp:Y:8n #<Y@/  */>-T
<'pF~ *- #<Y@/  *9 3/<'pF|~ *I
$-RC(-9 3/:YB:$G*>BC _(:2O/ D<
J(*:8n<Y@/ -E@K>* 
#fpF•9 :@T‚}€w•]-8- #*7<Y@/  */>-TF
<Y@/  *9 3/F<Y@/ (-0:' (  (*: A<'+
-(-2:Z> 9C  (  (*2 hD:T-E*+
:Y:$G:8n #<'f~w#3? hp•wp‚wfpI
(:F:*c<<Y@/  *9 3/:Y:$G:8n-E7 #
, h7}~<'f~I"E*09 ::8n ':+F*+
$%,@S>O O>J(%3 9>R-T h+$EI
&Y@/  *9 3/E:2` <Y@/ *+:$G>m>
:5 hB+$I
15
15
*+ $%,ab>O V1*<*:?B V:$G
-T:5DV`:O2O((, :5(-I(Mn '
(09 ` Z ;  JBC<5 *><K(*+,9
(-I_(:<i-K(->@OW/ :;2 <2/ :5@O-7
3(*L225O(-I<C<<<Y@/  JBC  $= K
B( #:9•p~w#I
9>:9<n p-pfD-8WA>, *<*<R `
2,  $= JBCI&Y@/  *9 3/:$G+<'‚~w#-<Y@/
*/>-T<~w#I•><K<'*+L# ‘%-MD

( 8gD T+2Z :<5BI];2 <5,:<Y@/
'  $=<'+F<<':9‚p~w#F( /@K 9C  
3(OD*+L$ J3:8F+B$ 8(-F
+<, 9C ' 1I
#fpfF+$E<(, ’E<P’J@* 8 I
)? hw}F*+ $%,@S:$G--TD+$E-E
7 />%~3Tf€w•F%0-h2T@S:8nO
<(, <Y@/ :8I_(:F<Y@/  */>-T h~WT.p~5
#e *9 3/ h€~-8•~-(-0:' (  (*: A<'
+f~WT~I)/+ $%,- 8D+
$E3B(@S<=F:g,-- #:$G:-TI
2.3. Hoạt động thị trường mở
 $=H ," (, :5@6Ir(@T(B '
>-C  $=H<' C #F#@(%# $E _(O8
-2*I#fpp• 6B(@T  <Ip‚•Ip•• d:.F:9T#
fpp(@T<fIp•I} d:I(*V 7(B '  $=
H VV 7llU2% 8<D9I(#fpp• $E
M29:52/ 6D  $=F`:*>73O#  (*D*
rB(@T(B>'<pIpppIppp d:I]9#fppF =
:?T#B(@T>'<fpIppp d:FM *:fpB(@T
>'<':9fIppp d:F)*r 9C -T3OBC V 
$=H K@K<>(X G0OF:O2O( J 3(O(*r
( $=G>  $=29:5:5 W/ I]8>><( 
$= 8 6:F:*>7'-T3OBC(* -'  
$=HI(M#:+FD9 K:/ 3T<$G
-E3T<$G:$G 2*( $E (M>'(I)T<$G(
B2V00*>' #B7 P>-C  $=H
:- .0 1 *:5:9 6<$G 8 (83 9I
16
16

(#fpf>-C  $=H(, :5/ -(3(O =
:? *•:9T#Ij[@KT\2)'D+•+a^bF
`:O2O( 3(O(^L$5 @T+<'0F:Y
[2%.\ E%pF€V d: ( *•IO=( +<c<(<ZB
WTF%0E0$G<' 9>[ .\I3  $= 
: /   <'0:9+@K+F? , * h[ \@
[2%\. 'ŒŒD:5X G 3(O( T+ *
M@T ?WOI
_( VV  $=:(,M *T#fpfF*:
( V B$ h-TB(7:1 (-T(-F>*
 J>9-E<Y@/ />BN:? <$G-T3OBCB$ h h*
<EI
&$G>*  J>9aD934,€bD+$E =
:+a]%- d:by_ _@I
(3<,5 @TP 9 3(OI932>*>WA
<c3> =@S+2/ 6 ( TI&$G 8 -8:$G@3*
 J>9 ?:$G:8. H<,(*P 9 
3(O02>*> */>-TI]8@S>(*P3>O V
1*:5-T '  $=I"E>-C34,a_-_@@@@@__>(bF
 h|:9•F2%I|p} d:-E34,}F<Y@/ •~w#I
2.4.Lãi suất
17
17
s" F<Y@/ :$G@ABC$CJDJ@* 8 F<
9 T:*B/@K?29 h%93 939(,(* R> @%9
 $=F.<C0 1:??*+@%9 K,
(*3B(I
l:(,€••€€J@*<Y@/ :$G :6%2O&Y@/  9 3
(% T:5 $G *a<,>* bF+<Y@/  8A- 8-D* 67
3 9 9-E<Y@/ :5 9 3I&Y@/ (--T<$:5- T:5

<,>* a~bI=- #<Y@/ :5-T:Y K:$GD $%D
$E<:g<<,>* -%@H:? K-  G-T(*WJ
>0TB(:<+-( V ,3D(O<2/=Ij(Wm  '
2VB (83 9 V :Y / 2, (<i-K: $-V<Y@/ (
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JK- 8%:8F(;:?A<Y#'<IV ,::YBN:9@K
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7>D$EI" J@*<Y@/  KB$%:Y:$G K
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%<Y@/ :5#€€<Y@/ :5 9 3|~#en@T $G *
2V0+|‚F|~#e<Y@/ (-|pFf~#I
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7<Y@/ :$G:8n E•<bF3T9[@\<Y@/  8AF 
<Y@/ (--5 25>R(- _(<Y@/  (O Ra•w€€f&Y 9
3<(,‚ *fF‚~F<Y(-fF~F<,>* vpF‚~bI
]? K' Z ': = ,(:83O<Y@/ (-:?
393J: $>*  ? (83 95 @T2>*>@:+:Y:$G@A
BC
• :6%/-T+ _($E #-T<Y@/
/>a # 8A(BF-T JBC$E(F-T+@*bI
• q>'<<Y@/ :5-(-M(, -2O  _($E
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:5<Y@/   $= J0T 9j“lŒyxI
• •-0T5 0BK<R 2P 9B( :YX G(
9 '5 2$E (-O 9<Y@/ -(Tfw€€&Y@/ (-
Z, T:O hfF~ *WTF}~ *e<Y@/ (- 
B,:$GM '30*F}~ *I; 3*0::?*

 + D'<<Y@/ 2V0+M:5-(-<pF‚~
*I(F h•w€|J@*<Y@/ r.:$GO* _($E
+<Y@/  8A3V,<'-E<Y@/  8A 9 3DB+$
3V,:?2O(:O<GJ3 9J:*D1-393J1A
18
18
8-(+I] = K<Y@/ (- FB,(%<Y
@/ (-Z,#€€|M'7<Y@/ (-Z,e+
<Y@/ (- ,FB, hFf~<'F}~ *I
•* VO*<Y@/  ':Y+( JD:5(* (
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$=F #@K,  ((, :5 JBC-<O>J<G
(83 9F ,(:83(* K:8n%/: $
_(C 'J@* JBCI
• l:(, h€€•]9T€€•Fn0:*7<Y@/
[ \ _( =,(--3T9 d<'<M<Y@/ (--
<Y@/ :5-T2V0+<pF‚~a *ba|Ff~#bI(>,-
[ \<Y@/ - d<'<<Y@/ :$G2TF*:$G:8
n<(, *7<Y@/ (--:5-T>G>-E0
-8-T-:;:?3B('Ij|<:8n<Y@/ 3? h
T€€&Y@/ (-Z, T:O hff~#WT~#F<Y
@/ (- B,Of~#WT.•Ff~#I; 3*`
:8n*<-TB$ h h  -8  V<Y@/ (-H
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/>%<Y@/ ”jrI
fw•wfpppF:Y09 : :6%9:8<Y@/ ? h
%9:8 <Y@/ @%9:8 _(<Y@/ %2O:T-E(
-2`"r-%9<Y@/   $=0O<c:T-E(-2`(, 
]T-E(-"rF<Y@/ (-3-$G 0*<Y@/ %2O:$G2T
 *IF<Y@/ %2O<pF}~ *F2':5(-Z,<
pF‚~ *F2':5(- -B,<pF~ *I]T-E<Y@/ (-
”jrF<Y@/ (-3-$G 0*<Y@/ ”jr '  $=<'j>(_
aj^Œyb3V,‚ *:J-E(-Z,F3V,• *:T-E(- 
B, , =:?(-52':5B( T:T0:a
2':5(-Z,<~#F2':5(- B,<fF~#bI
.:T-E*(, 3*B(9 d 1P ((, :5 8Ar'
(>m>*r KW*:I
20

20
"E5BC:8<Y@/ %2O$ '( /<Y@/ %2O:$GW*
: '%@H<Y@/   $=-E7:5D( />F:O2O(@K3?@(* <Y@/
DF>G> K !" F:+<5 2$E 9EF2$E: 9> _(
( 9 V KB((*<Y@/ I
• #fp-ED $% Z ;  JBCF‚‚fpF+$E
ab:Y2 $@Tpf0:7 <Y@/ :5 8
:|~I•‚F #9 *7<Y@/  '  $=<'7
f~w#F h<Y@/ %2O-NM'€~w#I&Y@/  *9 3/
7 #,/ F h}~<'f~I9>:9<n p-pfD-8WA
>, *<*<R `2,  $= JBCI&Y@/  *
9 3/:$G+<'‚~w#-<Y@/  */>-T<~w#I•><K<'
*+L# ‘%-MD( 8gD T+
2Z :<5BI];2 <5,:<Y@/  '  $=<'+
F<<':9‚p~w#F( /@K 9C  3(OD*+
L$ J3:8F+B$ 8(-F+
<, 9C ' 1I
• #fpf-ED $%389<,>* F:Y09 :O<Y@/
8A T:2`"r:T-E 8A334,-34,B$E *
O h|~w#WT.‚~w#e:T-E34, h * H<'O h
f~w#WT.~w#a'0u JBC+B+%@H hfF~w#
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.f~w#e<Y@/ (-0:' (  (*: A<'+
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~w#WTp~w#I"*>BC <Y@/ (-Z,2`"r
T::T-E|:T $GF<i-K$ 'a> FW/
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:5 * JKF:g; 2`<Y@/ A--In3
O<Y@/ :5 V<Y@/ -E ?O-87(:GDB(

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:$G:$-87p~~w#(;W_Wm 2P0: <Y@/ :5
"r9:83(>m>I
$-RFJ@*<Y@/ <(, ->G>-E-6: d*
"rw”jr (M#03M>>0 1 (0* V
6:3 9-i.< # J/>BND: 8" -
<. DBN-( T+FOB V ,@ABC
/  M”jrF h2$E:g< V ,[:<(*\H" I
21
21
]8:7 P`(:8383 9  $=>*  ?$(F
-@ABC<Y@/ <C:8J@* 8 D" <
( ( 9 -::ZI
2.5. Tỷ giá
Tác động chính sách tỷ giá hối đoái đến hoạt động NHTM
d*:5 - ./ 0 1 (83 9I*:5-( d*@S *
:5<E:98; D83 9WY5I(:(,fpp€fpF+
$E" ab<' C :6 d*M:" -::
<uI
2009 2010 2011
26/11 11/2 17/8 11/2
d*2V0+<' }F€| •F|| •F€‚f fpF•€‚
d<>**a~b vI|| v‚I‚• vfIp v€I‚p
^':5(:5 dJa~b vw vw‚ vw‚ vw
Các đợt điều chỉnh tỷ giá VND/USD từ 2009-2011
(Nguồn: Tổng cục Thống kê)
M :6J@* d*-h0 ?:_<,M *BC 7 =
`3%  '  $=(, F$@K >D
-(  $=2`09 :J@S:?<,(WY5 +<c2/ 

3@HM:5 I
wpfwfpF2T:8n d*2V0+<'+ '
€I‚~ h•F€‚f"rw”jr<'7fpF•€‚"rw”jr- q>2':5(B h
vw‚~WTvw~I]+<7:5:8n,/ 3? h53D(O 
J+•#€€}€€•I
"8;  JKF-:8n d* ?#;:@C ODBK
M(,TFn:7H7 'p d”jr-(T#(*I] =F:5
* '.> q> +C  $%,I
'F-8>J$G<,F+@S<:T $GO$H 'KI
jK/ *D"r-<(,(-8/ <$G @OL ?39
*+ V(Y39(,2*6> E*: $9<$G$E(I
22
Chỉ tiêu
Ngày
22
^',:F:5 * '@S39<,>*  '  1->J #(F
h:+ *:5B+8$<O-TB($= 'B
-B(>I"V 9:8@S<O3O#  (*GD$=:-
$GI(F$=-$G2`:”jr$-T2`"r@S
 *:5,F h:@S39GW/ ,*+ #(I
]8n d* ?<O@T-TD*+3* @O2`
:”jr@S #@(-E* @O2`"r3:$G?:60"rI
]8F5-E%/ <$G @OO@ - JBC #
$H, ?25*+3:D@T-T/>>O[T1
-E*9 T2/ <G '\I
Tình hình tỷ giá năm 2012
( * *:#fpfF d*%2O:Y6:F:;2 <:YW
$EOI

Tốc độ tăng và giảm tỷ giá VND/USD trong 8 tháng năm 2012 (%)

(Nguồn: Tổng Cục Thống kêb
(• *Fn‚ * d* #qF. *OF J• *
d*O~I]+<5  $G9 / (8#0FL<5
(M39 0O62R  (• *#fpfI
2.6. Hạn mức tín dụng
23
23
#fppF:Yn@A*%9 JBC$@A:6%9(-F%
9:O2O( 8-F>+<(,GFQ-2n pfwfppw
fpwpwfpp-pwfppwfwp|wfppn:,(*r3?@(*  T
:5 # $H JBCF T:5 # $H>O>G>-E # $H:5
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JBCF:O2O( ( TI"V-RF (#fppF*r:YM
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24
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-CF =:?:*<S*B(>@S JK--TI'
+D9<B(>-N.B(BK (---T3@7 'B
.9-*2#: R 1 (-O+Ir(:F # $H J
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3H@ZFB$ R †m IJ:9‚pw€wfpfF # $H JBCD (
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€ *:#:, 3(O|~I
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'0T 9F-E5 :/ $E:>*  ?$" F T:5 # $H
JBC/>‚ T:5 # $Hlr<>G>F30*I7F7 #
$H JBC}~<n ' T:F. K 9 ? />%I
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6—D JBC$GW/F3O#/> C-TDB(>III$:$G
*(F V # $H JBC#fp‚-N@SWR>W$#F$ ?@K:5
>*I":; *n ':?:8<:F$>O>G>F32/ />
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>+26n ' JBC#fp‚-EWA<cGW/D h 67 JBCI
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