Một số ý kiến về tổ chức thị trường đấu thầu tín phiếu kho bạc năm 2003 .pdf

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vi$ctac d(mg vao thi trLfC1ngtien t$,thi con huy d(mg von ngan h9ntrangxa h(>i,dap Ctngnhu cau thieuh~tvon t?mthdi cho nhu cau chitieucua ngan sach Nha nLfClc.

Nam 2003 la nam th(( 9, NHNNdLfavao v~n hanh th! trLfC1ngdauthau tin phieu KBNN. Tfnh chungtrang nam 2003, t6ng khoi ILfc;lngtinphieuKBNNtrung thau LfClCtinh d?t15.410 ty dong. Day la khoi ILfc;lngtrung Idn nhat ke tU'nam 1994 khithitrLfdngdau thau Tfn phieu KBNNbat dau ho?t d(>ng, gap 1,6 Ian sovdi khoi ILfc;lngtrung thau cua canam 2002 la 8.410 ty dong, gap gan4 Iankhoi ILfc;lngtrung thau cua nam2001 la 3.915 ty dong va nam 2000

<i>la 4.495 ty dong. Tuc la thong qua</i>

thi trLfdngdau thau tin phieu KBNNda NHNNt6 chuc nam qua da huy

6,189%/nam; trang ca quy 11/2003

6,25%/nam; dau quy 111/2003la6,20%/nam,thi lai suat trung thauda lien tl,lc giam dan xuong con<small>T,w emNGAN IIANG</small> - s6 <small>1 NAM 2004</small>

<b>TS. Le Himg *</b>

4,7%/nam phien cuoi thang 9/2003,trang thang 11/2003 xoay quanh

<i>muc 5%/nam va trang cac phien</i>

dau thang 12/2003 lai suat trung

<i>thau d muc 5,25% - 5,5%/nam, Lai</i>

suat trung thau tren thi trLfC1ngdauthau tin phieu KBNNcOng phan anhdung lai suat ngan h9n tren thitrLfC1ngtien t$, do la trang 7 thangdau n~m tang nhanh, nhLfng tU'thang 8/2003 da giam nhanh, trongthang 12/2003 tang nh~. Thljc te docho thay,vi$c NHNNcan thi$p gian

tiep lai suat trem th! trLfC1ngtien t$

thongqua vi$ccat giam lai suat chovay tai cap von, giam lai suat taichiet khau, giam ty 1$ dlj trii batbu(>ctU'thang 8/2003 da thljc slj c6hi$u qua.

Ve di~n bien khoi ILfc;lngtrungthau neu nhLftrang 6 thang daunam chi dao d(>ng tU' 110 ty dong,den 200 ty dong va 400 ty dong<small>moi</small>phien; cac phienthu 4, th(( 9, thu 10va phien thu 26 khong c6 ket quatrung thau; thi den 3 phien cuoithang <small>8 lien tl,lC moi phien co ket</small>

phien thu 35 den <small>phienth((</small> 41 la

<small>500</small>

-

<small>700 ty dong... Cac phi en dauthau trong thang 12/2003 khong</small> co<small>NHTM nao trung thau va theo thoathu~n thong nhat giiia NHNN va B(>Hi chfnh, NHNN da mua moi phien</small>

<small>100</small>

ty

dong... <small>Thong qua di~n bienthi trLfC1ngtin phieu KBNN trangkhoang thC1igian 10 thang</small> dau nam2003 <small>chCtng</small> to cac NHTMthua van<small>ngan h?n, thieu von trung dai h?n,Lai suat huy</small> d(>ng<small>van ngan h?n c6xu hLfClnggiam xuong, trang khi laisuat huyd(>ng</small>van trung dai h9n d

<i><small>muc cao, nhu cau van trung dai h,;m</small></i>

<small>cua nen kinh te dang tiep tI.:JCtanglen. Song</small> tU'dau thang 11/2003 den

het thang 12/2003thi tinhhinh vankha dl,lng c6 kh~n trLfdnghdn, nenket qua trung thau giam dan, tacd(>nglam tang lai suat

NhLf phan dau bai viet da dec~p, thi trLfC1ngdau thau tin phieuKBNN do NHNN va B(>Hi chfnh<small>phoi hc;lPt6 chuc m(>tm$t nham huyd(>ng van bu dap thieu hl,lt t9m thC1ichi tieu Ngan</small> sach Nha nLfClcva ho<small>trc;l</small>van kip thC1icho Quy ho<small>trc;lphattrien</small> giai ngan van cho cac dlj an;<small>m$t khac day la kenh cac t6 chuc tindl,lng va cac t6 ch((c trung gian taichfnh khac dau tLfvan kha dl,lng cuaminh, hLfdng lai, khi can dem giaodich tren thi trLfC1ng</small><i><small>md dap ung nhu</small></i>

<small>cau van kinh doanh va dam baothanh khoan cua minh,</small>

<small>Vi$c t6 ch((c thanh cong h09td(>ng cua th! trLfdng dau thau tinphieu KBNN khong chi dung</small> I?i d<small>Y</small>

<small>ngh'ia noi tren, ma no con cho thayda co slj phoi hc;lPch$t cM trongviec dieu hanh chfnh sach tai chfnhv~ chfnh sach tien t$; cl,l the la trangbu dap thieu hl,lt t?m thdi chi tieungan sach,trongdieuhanh laisuat,...COngnhC1</small>vi$c .Iinh h09t<small>trong chi d90 lai suat lai suat dauthau theo tin hi$u thi trLfdng, B(>Hichfnh khOng ap d$t nhLf trLfdcday;linh h09t trong dLfa khoi ILfc;lngtinphieu ra dau thau thay cho vi$ccCtng</small>nhac,...da t90 nen slj hap d~n<small>va tham gia nhi$t tinh cua cac nganhang thLfdng m9i (NHTM)</small> la thanh

<small>vien thi trLfC1ngnay, trang dieu ki$nvan kha dl,lng Dong Vi$t Nam lientl,lC</small> bien d(>ngtheo tlnh kh~ntrLfdng<small>cua yeu cau kinh doanh.</small>

<small>Ben c?nh</small> d6, n6 da t90 dieu<small>ki$ncho phat trien thi trLfC1ngtien t$ lenm(>t tam cao mdi, tac</small> d(>ng<small>hinhthanh</small> nen lai<small>suatbinhquan hc;lP Iy</small>

<b><small>31</small></b>

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<small>QThml1ln00!fu Mdm 111)</small>~

<b><small>cOnGclJ CHlnHSACHTIEn Tt</small></b>

theo quan h~ cung cau van trongnen kinh te. Cac NHTM la doanhnghi~p kinh doanh tien t~, nen luon<small>.</small>phai tfnh tqan toi U'Unguon van cua

<small>.</small>minh de khong b! dc;mgvan, vi nht/v~y van phai tra lai cho ngt/oi gltitien; dong thai luonsgn sang co tiende thanhtoan cho ngt/oi glti hay giaingan cho cac dlf an tfn dl:mgda kyket. Vi v~y khi doi dao van kha dl,lngt~m thoi, cac NHTM tham gia dauthau mua tfn phieu KBNN, dt/c;1Cht/ang lai theo so van bo ra mua tinphieu. Khi can van cho thanh toandem den NHNN xin vay tai chietkhau, ho~c ban I~i tren th! trt/ong

<i>ma. Hay noi cach khac, cac NHTM</i>

tham gia thi trt/ong dau thau tinphieu KBNN la dam bao an toanthanh khoanva toi U'Uhoa hi~u quasii dl,lngvan kinh doanh.

<i>a</i>

hau het cac quoc gia tren thegiai, de bu dap thieu hl,ltt~m thoi chitieu ngan sach Nha nt/ac, Chinhphu phai vay nc;1thong qua phathanh cong cl,l chung khoan nganh~n tren thi trt/ong. Phu hc;1Pvaithong I~ quoc te tlt dau th~p ky 90cua the ky trt/ac, Vi$t Nam cOngphat hanh tin phieu KBNN va traiphieu KBNN, tho.ngqua hinh thucm~ng It/ai kho b~c trlfc tiep ban Ietrong xa h(>i.TU' nam 1994, Vi~tNam dt/a them m(>tkenh phat hanhniia vao ho~td(>ngdo la thl do la th!trt/ong dau thau tin phieu KBNN (kyh~n dt/ai 1 nam).Den nay th! trt/ongnay co 47 thanh vien tham gia do fa5 NHTM Nha nt/ac, 18 NHTM cophan, 4 ngan hang lien doanh, 13chi nhanh ngan hang nt/ac ngoai, 6cong ty bao hiem va 1 quy dau tt/.Sau 9 nam ho~t d(>ng,den nay Th!trt/ong dau thau tin phieu KBNNdang d~t dt/c;1Cdlnh cao cua Slfthanh cong, t~o tien de cho Slf phattrien cua th! trt/ong cong cl,l vay nc;1cua Chinh phu theo thong I~ quocte.

Cung vai th! trt/ong dau thau trai<small>phieu kho b~c, trong</small> nam<small>2003, Ian</small>dau tien NHNNcOngda to chuc dauthau trai phieu Chinh phu bangngo~i t$. Sau 5 phien to chuc, daphat hanh dt/c;1c9 tri$u USD. trai

phieu Chinh phu lo~i nay.

Song thong qua ho~t d(>ngcuath! trt/ong dau thau tin phieu KBNNnam 2003 cho thay, m(>tso ton t~ic4a thl trt/ong nay nht/ da dt/c;1Cdec~p nhieu Ian van la hau nht/ chi cocac NHTM Nha mtac tham gia, cacNHTM .co phan, chi nhanh nganhang nt/ac ngoai va ngan hang liendoanh khong tham dlf thau, ho~ckhong co ket qua trung thau, m~cdu NHNNco nhieu no Ilfc de thu hutkhoi ngan hang nay vao cu(>c.Theochung toi th! twong co tlnh th!trt/ong cua no, cac NHTM co phanquy mo nho, van kha dl,lng co giaih~n,thanghoa la giay to co gia nganh~n h9 sa hiiu cOngkhong nhieu,...nen NHNN khOng the dung bi~nphap hanh chinh. de dt/a. h9 vaonh~p cu(>cla dieu de hieu. Can cacto chuc bao hiem va quy dau tt/cOng la thanh vien cua thl trt/ong,trong cac nam trt/ac day co thamgia thj trt/ong dau thau tin phieuKBNN va co nhieu phien trung thaukhoi 1t/c;1ngdang ke, song tU' daunam2002 den nay hai lo~i hinh to

<i>chuc nay khong tham gia bat cu</i>

phien dau thau nao, m(>tm~t do B(>Tai chinh co slf chi d~o ve Slf dapUng nhu cau van cho ngan sachNha nt/ac, m~t khac h9 la to chuckinh doanh, co nhieu kenh dau tt/ <small>.</small>

khac colc;1ihdn, nen khongtham giadau thau la dieu hoantoan phu hc;1pvai tlnh tlf chu kinh doanh theo Cdche thl trt/ong.

Lu~t NHNN Vi~t Nam siia doidt/c;1cQuoc h(>ithong qua mai daycho phep cac lo~i giay to co gia daih~n can thoi h~n ngan dt/c;1Cphep

<i>giao d!ch tren th! trt/ong ma. Lu~t</i>

cac To chuc tin dl,lngdlf kiendt/c;1csiia doi qua ky h9P thang4/2004

cua Quoc h(>icOng sa t~o quyenchu d9ng hdn cho cac NHTM. Dodo dlf bao tai day th! trt/ong dauthau tin phieu KBNN sa soi d(>nghdn, tac d9ng tlch clfCvao vi$c chuchuyen van trong nen kinh te cOngnht/ vi$c cung Ungtien cua NHNN.Dong thoi, vi$c to chuc dau thau traiphieu Chinh phu cOng sa tht/ongxuyen hdn. Thea chung toi de hoan

thi$n va tiep tl,lCphat trien th!trU'ongdau thau TPKBNN va trai phieuChinh phu, xin de xuat.

- B(>Tai chinh nghien.cUudad~ng hoa cac lo~i ky h~n TPKBcothe la ky h~n 3, 6 , 9,12 thangv6ilai suat linh ho~t, phan anh sat th~clai suat thj trt/ong de khuyen khichcac NHTM, cac to chuc bao hi~m,quy tin dl,lng nhan dan... sii d~nghi$u qua hdn nguon van nhan roi

<i>- TU'ngbt/ac dt/a nghi$p Vl,lmua</i>

ban I~itin phieu di vao ho~td9ngd~t~o dt/9c tlnh thanh khoan cab cuaTPKB va dap Ungnhu cau nam giliTPKB cua cac ngan hang, d~c bi$tla cac NHTMCP, ngan hang liendoanh, chi nhanh ngan hang nu'ocngoai de co hang hoa lam dam baocho cac quan h$ vai NHNN trongnghi$p Vl,lchiet khau giay to co gia,cho vay qua dem, cho vay co dambao bang cam co giay to co gia va

<i>thi trt/ong ma.</i>

- NHNN xem xet trien khai vi$cto chuc dau thau tin phieu kho b<ilcqua m~ng vi tlnh ap dl,lng congngh~ Internet t~o dieu ki$n thu~nti$n cho cac thanh vien tham dl!thau nham tiet ki$m trong chi phitrang thiet b! va thoi gian d~t thau,ky quy. Dong thai giam bat cac thaotac nghi~p Vl,lcho b(>ph~n to chuc

<i>dau thau. TU'ngbt/ac hi$n d~i hoc'!</i>

dieu ki$n cd sa v~t chat, phl,JCvl,lcong tac dau thau ngay m9t hi$uqua hdn.8

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