Tăng cường hiệu quả phối hợp giữa chính sách tiền tệ và chính sách tài khóa .pdf

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TANGCIfONGHItU QUAPHOIHQPGIUACHINHSACH

<i>N</i>

<i>gay 09/11/2005, t~i Ha N{)i, VI!Chien<small>IU(Jc</small>Phat trien Ngan hang - Ngan hang Nha nuac</i>

<i>-Vi~t Nam phoi h(Jp vai Ngan hang N6ng</i>

<i>nghi~p va Phat trien N6ng thOn Vi~t Nam to cht1cH{)ithEWkhoa hQc vai cM de: 'Tang cuang hi~u qua phoih(JpgfClachinh sach tien t~ (CSTT) va chinh sach taikhoa (CSTK) d Vi~t Nam". Duai day, T~p chi Nganhang xin tom IU(Jcn{)i dung COban cua cac bai thamlu~n va m{)t so 9 kien phat bieu t~i H{)i tMo noi tren.</i>

<b>-1-MQTSONQIDUNGca BANCACBAIIHAMLU~N</b>

1.

Ph6i hQp giUa CSTT va CSTK trong tai

trc;1th8.m h~t ngan sach va ki~m che'lliLmph8.t

<i>1.1-NhCi'ngket qua ve'thu - chi Ngiin sach Nha</i>

<i>ntfc1c (NSNN)</i>

Trudc nhG'ngnam 1990, NSNN thuang xuyem bitham h[,Jttram trQng va thuang phai bu dap bangcach NgEInhang Trung uong (NHTU) phat hanh tien

<i>nam 1990, tham h[,JtNSNN da giam dan tdi muc h<;1p</i>

<i>Iy (khoang 5%), quan Iy NSNN da dU<;1c</i>tang wang,thu ngan sach khong ngang dU<;1ccai thi$n, thu dadt,fa vao nguon ne.'>iIt,fc trong nUdc la chinh, chiemkhoang 98%, thu tLrvi$n tr<;1nUdc ngoai chiem phankhong dang k~. Chinh sach thue dU<;1Cdoi mdi theohUdngda d"mg h6a co s6 thue d~ tang thu, hang namthu thue chiem khoang 13% GDP. Thu tLrnguon dautho chiem khoang 1/3 nguon thu NSNN. Quy mo thungan sach nam<i>2005</i> tang 28 Ian so vdi nam 1990,<small>binh quan tang 24,4%/nam.TY 1$ de.'>ngviem tLr 13,8%</small>

<i>so GDP nam 1991 tang lem 22,5% vao nam 2005,</i>

trong d6 ty 1$de.'>ngviE'mtLr thue, phi theo thU tt,fla

<i>12,8% va 20,9%...</i>

Chi ngan sach tang chu yeu do nhu c;au chi tieuthuang xuyen, chiem khoang 60 den 65% trong tongchi ngan sach. Chi dau tu chiem ty trQngthap nhung

van gia tang theo cac nam. Cac khoan chi kMc cOngdeu tang va baa dam cac yeu cau ve kinh te<small>-xa he.'>i.</small>

- Ve can doi ngan sach, tht,fc hi$n chinh sach can

<small>doi ngan sach me.'>tcach tfch ct,fc, c6 dlf trG',giG'be.'>ichi</small>

<i>6 mUc h<;1p</i>Iy, baa dam on dinh kinh te VImo, neu tfnh

<i>theo ty 1$so vdi GDP thJtham h[,Jtngan sach 6 mUc</i>

on dinh dUdi 5% GDP nhu m[,Jctieu de ra. Nguon taitr<;1tham h[,Jtngan sach dU<;1ctang cuang theo hUdngdlja vao nguon trong nUdc (tLrh$ thong ngan hang vanguon pMt hanh trai phieu ra cong chung). Can doingan sach da c6 nhG'ngtien be.'>quan trQng, thu tLrthue va phi khong nhG'ng dap ung du chi thuangxuyen ma ngay cang danh nhieu hon cho dau tu pMttri~n va tra n<;1(nam 1991la 2,3% so<small>C;;DP</small>

dennam

<i>2003</i> la 6,6%). Be.'>ichi NSNN cho dau tu phat tri~n,khong vay thuong m9i nUdc ngoai, khong tht,fc hi$nvi$c pMt hanh lien (tLrnam 1991).

<i>.1.2- Pho, hClP CSTT va CSTK trong tili trClthiim</i>

<small>da dU<;1ctht,fc hi$n kha tot va da dam baa st,f phoi h<;1pgiG'a CSTK va CSTT trong vi$c tht,fc hi$n huy de.'>ngcac nguon bu dap be.'>ichi ngan sach. C[,Jth~:</small>

<small>- Doi vdi vay nUdc ngoai, chung ta tht,fc hi$n chinhsach chi vay uu dai nUdc ngoai, khong vay thuongm9i nUdc ngoai cho dau tu phat tri~n. Doi vai nhG'ngkhoan vay thuongm9i nUdc ngoai va n<;1qua h9ntrudc day da dU<;1CxU' Iy qua Cau 19c be.'>Pari va Cau19c be.'>Luan</small>

Don. Tht,fchi$n

xU' Iy n<;1vai Nga,

Angieri,... Nha tht,fc hi$n tot qua trinh co cau 19in<;1,cOng nhu chinh sach vay mdi ma du n<;1Chinh phu

<i>hi$n nay 6 mUc 35% GDP vao nam2005,muc ma</i>

theo cac chuyen gia trong va ngoai nUdc la an toan,dam baa an ninh tai chinh quoc gia.

<small>-</small>Doi vdi vay n<;1trong nUdc:hang nam ngansach

<small>phai huy de.'>ngme.'>tkhoan tien nhan roi trong nUdc</small>

.

<small>tuong doi Idn d~ bu dap be.'>ichi ngan sach (nam</small> 1996

8

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la 5.025

ty dong, nam

2000 la 15.370

ty dong, nam2005

la

33.250ty dong),tuy nhien,B9 Tai chinh vaNgi'mhangNhanUdcda c6 slf phoi h<;Jpde vi$c huyd9ngvankh6nganh hUdngIdn den thi trudngtien t$,denlai suat.

Chinh nhd c6 chinh sach nhu tren, cung vdi Slfphoih<;Jpch~tcM vdi CSTT ma vi$c xV Iy nguonbudapb9i chi ngansach da kiem soat dU<;Jctong IU<;JngcungLtngtien hang nam va tong phudngti$n thanhtoan(M2).

<i>1.3- Pho, h9'P CSTT va CSTK</i>

<i>trong kiilm</i>

<i>che'I~mphat</i>

Vao dau nhLrngnam doi mdi, nen kinhte nudctardi vao khung hoang, kinh te phat trien ch~m, 19mphat hang nam tang cao, cac chi tieu kinh te vi momat can doi nghiemtrQng,ddi song nhan dan g~pnhieukh6 khan.De thlfc hi$n ml,Jctieukiem che 19mphat,on dinh kinh te vi mo, chung ta da thlfc hi$nnhieuchfnh sach, trong d6 da c6 slf ket h<;JpxV Iythong qua CSTKva CSTT,doi vdi CSTK. ChungtathlfChi$n chinh sach bo tri chi ngan sach tren CdSdthu ngansach, b9i chi ngansach phanIdnthlfc hi$nbangnguonvanvay ngoainUdc,giamdan pMt hanh

chamdLttvi$c phat hanhtien de bu dap b9i chi ngansach. Cung vdi CSTK, CSTT cOngdU<;Jcdieu chlnh,giamphat hanhtien cho b9i chi ngansach,dongthdide giam bdt tien trong Iuu thOng,cuoi nam 1989,NHNN cho phep cac ngan hang thudng m9i quoc

<i>doanhthlfc hi$nhuyd9ngvdi m9t mLtclai suatd mLtc</i>

12%/thang(144%/nam),Ian dau tien thlfChi$nchinhsach lai suat th~c dUdng.Chinh vi nhLrngchinh sach

<i>nay,tinh hinh.l~mphat da giam W 393% nam 1988</i>

giam xuong 34% nam

1999va sau1 namthlfchi$n

khong phflttlanh tien de bu dap b9i chi, chi so 19mphatda gi'amxuongcan 17,5%va den nam 1993chiso 19mphat da dU<;Jc<i>kiemsoat d mLtc5,2%va duytri</i>

ty 1$l<:imphat nay

qmLtcm9t can so trong thdi gian

dai.

~;Ph6ihQp CSTT va CSTKnhAm cSndJnhcan.cft.nthanh toan qu6c

t~

Tham hl,Jtcan can vang lai d nUdcta cac nam

sang th~ng du khoang2,1% GDP.Nhung den nam2002<small>-</small> 2004, can can vang <small>lai 19i</small>chuyen sang tham

<i>hl,Jtva d mLtctren 4% GDP. Dieu nay doi hoi muon cai</i>

thi$n can can vang lai, CSTK va CSTT deu phai dU<;Jcv~n dl,Jngde dong thdi thay doi thieu hl,JtgiLratielki$m va dau tu cua khu vlfc Chinh phu va khu vlfc tl1nhan. Doi vdi can can van, CSTK c6 tac d9ng denchu chuyen van (ODA) cua Chinh phu. CSTT va tygia c6 tac d9ng m9nh tdi chu chuyen van cua khu vlfCtu nhan (vay n<;JnUdc ngoai cua doanh nghi$p va dautu dUdi d9ng tien gvi t9i cac NHTM). Muon on dinhcan can thanh toan quoc te, ngoai vi$c Slt dl,JngcacCSTK va tien t$ de cai thi$n can can vang lai va can

<i>can van, vi$c cung co dlf trLrquoc te d9t mLtcdlf trLr</i>

an toan cOng la giai phap quan trQng, trong d6 c6vi$c phoi h<;Jpva tuan thu nghiem lu~t phap ve thong

<i>nhat m9t dau moi dlf trLrngo9i hoi t9i NHTU W phia</i>

B9 Tai chinh.

3. Ng cong trong m6i quan h~ giim CSTT

va CSTK

Tinh den thdi diem<small>30/6/2005,n<;J</small>nUdc ngoai cua

<i>Chfnhphu c6 mLtcdu</i><small>n<;J</small>

khoang11,4ty USD,

<small>dl1<;Jc</small>

<i>vay chu yeu W cac nguonvan vay I1Udai cua cacto</i>

chLtcda phudngva song phudngvdi da so khoanvaydUdihinhthLtcvay dai h9n. Cac khoanvay nganh9n

<i>la khongdang ke, chi dung 19id mLtcdUdi1 ty USD.</i>

<small>N<;J</small><i>nUdcngoaicua Chinhphuchi dung19id mLtc</i>32%

yeu qua can dl1dng pMt hanh tin phieu ho~c traiphieu Kho b9c Nha nUdctrong d6 tin phieu c6 ky hc~mdUdi m9t nam va trai phieu Kho b9c c6 thdi h9n chu

<i>yeu la 2 - 5 nam va dang d mLtcdu</i><small>n<;J</small> khoang4 tyUSD.

4.

Nhimg h~n cha' trong qua. trinh ph6ihQp giim CSTT va CSTK

<i>4.1- Trong ta; tr9' tham hilt ngan sach</i>

- Di vay trong nUdc thong qua vi$c pMt hanh

chLtng khoan <small>n<;J</small> cua Chfnh phu can thap, khoang

2,7%. Trang khi d6, <small>n<;J</small>

nUdcngoaicuaChfnhphu

tlnh den 30/6/1994 chiem 31,5%GDP,dieu nay dongnghia vdj vi$c trong nhLrng nam Wi nghia Vl,Jtra n<;J

(goc va lai) cua Chfnh phu tang, h~u qua<small>1<':1</small>

gayap

Ilfc len ty gia hoi doai va can can thanh toan quoc te,khi d6 se tac d9ng tieu CIfClen can doi tien t$ cuaNgan hang Nha nUdc.

- Phoi<small>h<;Jp</small>trong vi$c tfnh toan cung Ltngtien va

quy dinh lai suat chLtng khoan, lai suat trai phieu

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<small>Chfnh</small>

phu chua dong

<small>b('>.</small>

- CSTT tai tr<;1tham hl,lt ngan sach thong qua vi~cNHTU tn!c tiep chi cho Chfnh phu vay nhung khong, dU<;1c,hoantra dung h<;:ln.Vi the vi~c cho vay "khong"nay dan Wi IU<;1ngtien cd so (MB) tang, dan tdi M2

tang va ket qua la gay ap h!c cho l<;:Imphat.

<small>-</small> CSTT tai tr<;1tham hl,lt NSNN thong qua vi~c

NHNN tai cap von cho cac ngan hang thudng m<;:lic6

nguyCdgayIEmnhCtngtac d('>ngbat l<;1ichodieu hanh

CSTT cua NHNN.

<i>4.2- H[!n che'trongpho, h{1pCSTT</i>

<i>va CSTK</i>

<i>18mgiam hi~u qua cua</i>

<i>CSTTif</i>

<i>Vi~tNam</i>

nhat

d~ cacml,lc

tieu CSTT,ml,lctieu

CSTKva cac

ml,lctieu kinh

te

vi mo khaccungdU<;1cxem xet dongthaitren Cdso xaydl,l'ngva v~n hanh c6 hi~u qua cuachudng trinhtien t~ quocgia.

- Cac bi~n phap trong dieu hanh CSTT vdi quanIy

n<;1cong con h<;:lnche.

<i><small>4.3- H[!n</small>che'trongtrao do'; thong tin, so' Ii~u</i>

<i>thieu kip thO'i, chU'a day du giua cac 89, nganh de'phLJc VLJxay df!l1g va dieu hanh CSTT cua NHNN.</i>

5. D~ xuB:t nhUng giai phiLp nang cao

hi~u qu8. ph6i hc;1p giim CSTr va. CSTK

<i>d</i>

Vi~t Nam

Nha nUdctheo hUdng dam bao sl,l'd('>cI~p cua CSTT;+ Vi~c cho vay ngan sach hang nam phai dl,l'dC

khongche boi m('>t<small>h<;:ln</small><i>mU~cl,Ith~ do Qu6c h('>iquy</i>

dinh tren cd sO uu tien cac ml,lc tieu <small>dl,l'</small> kien

cua

CSTT nhu chi tieu cung ung tien,<small>l<;:Im</small>phat...

<small>+ Cac khoan cho vay ngan sach nha nUdc phai</small> la

<small>ngan h<;:lndUdi 1 nam va phai dU<;1cdam bao bang</small>

cac chung khoan Chfnh phu va khOngdU<;1Ccap bangtin dl,lng ngo<;:lit~ cho NSNN.

+ Lai suat cho vay NSNN cao hdn lai suat dau

<small>thau</small> tren thi truang mo a phiengiao dich gan nhat

nhamlam giaml<;:Imphat tin dl,lng cua NHNN, dongthai, khuyen khfch vi~c Slt dl,lng phudng thuc tai tr<;1thieu hl,lt phi l<;:Imphat qua phat hanh trai phieu,tin

phieulamCdsophat tri~n thi truongmo va cac cong

<small>CI,Ichiet khau, tai chiet khau cua</small> NHNN.

<small>+ Kh6ngdLfc,:JCdung</small> tien NHTU d~ tai cap v6n, x6a<small>nc,:J,khoanhnc,:J,gian nc,:Jcua NHTManh hUdng tdi qua</small>

trinh dl,l'bao va dieu hanh CSTTcua NHNN.

- Xay dl,l'ngCdche cung cap thong tin giCtaNHNN

va cac B('>,ngfmhkhac d~ c6 th~ dl,l'bao chfnh xac.

nhucau von kha dl,lng,ki~msoat

<small>dU<;1cIU<;1ngtien</small>

cung ung trong nen kinh te. <small>.</small>

<small>- NHNN</small> va B('>Tai chfnh can phoi<small>h<;1pch~t chehdn trong</small> vi~c xay dlfng va thl,l'Cthi CSTT va CSTK

hang nam tren<small>Cd so ml,lc tieu ve l<;:Imphat, GDP va</small>

dl,l' bao can can thanh toan. B('>Tai chfnh can phoi .h<;1pvdi NHNNtrongvi~c I~pdl,l'toanNSNN,xac dinh

quy mo tham hl,lt, nhu cau tai tr<;1tCtnguon von vaytrong nUdc va ngoai nUdc.

- Hoanthi~nthi truang

dauthau

tin phieu

kho

<small>b<;:lC</small>

va xacdinhro ve thanhvien,thai

h9n can da d<;:lng<small>.</small>

hdnva lai suatcan dU<;1cxac dinh phu h<;1phdn d~ c6

<i>muc lai suat chuan, lam Cd so cho dinh hUdng dieu</i>

hanh lai suat tren thi trllang tien

t~.

- Phoih<;1pxay dl,l'ngCSTT va CSTK phu h<;1pvdi

<small>h<;:ln</small> <i><small>muc n<;1</small></i>nUdc ngoai cua quoc gia.

- B('>Tai chfnhphoi h<;1pch~tche vdi NHNNtrong

vi~c ban ngo<;:lit~ cho NHNN kip thai

d~

quan Iy t~p

trung, thong nhat nham dam bao hi$u qua chfnh sach

quan Iyngo<;:lihoi va dieu hanhty gia.

- Thl,l'c hi~n mOt CSTK th?n trQng trong vi~c candoi giCtahai ml,lc: tang trudng va l<;:Imphat. CSTT canhUdng tdi lay ki~m soat l<;:Imphat

va on d!nhgia tri

dong tien Vi~t Nam la ml,lctieu uu tien hang dau,CSTK phai phu h<;1pvdi CSTT.

11-MQTs6

Y

<small>KIEN PHAT BIEU T~I HQI THAD</small>

v~ tru'dngv~ Chien Iu'qcphattri6n ngan hang,NHNN"NhCtnggiai phap nham tang cuang nang cao hi~uqua trong phoi h<;1pgiCtaCSTT va CSTK trongvi~ctai

T.w off NCA.NMNC - 66 12NAM2005

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tr<;1tham hl,lt ngan sach:

(1) Tang cLtang sl! phoi <small>h<;1p</small> giiia cac B9, nganh

lien quan, d~c bi$t la B9 Tai chfnh. SI! phoi h<;1pcuaB9 Hi chfnh can dLt<;1cth~ hi$n:

-

Cung cap cac thong tin ve thu, chi NSNN, dl!atren co sa can doi cac chi so kinh te vTmo tien hanhI~p dl! toan ngan sach, xac djnh quy mo tham hl,lt,cac nguon bu dap tham hl,lt ngan sach, cO cau cuacac kholm tai tr<;1tham hl,lt, ke ho~ch cho yay, tra n<;1cua Chfnh phu, tlnh hinh cap phat von dau tLt xaydl!ng co ban theo ke ho~ch.

- Can thl!c hi$n nghiem tUc cac cam ket ve cackhoant~m ung cho NSNN tU NHNN; ve vi~c xac djnhso ILf<;1ng, thai h~n phat hanh trai phieu kho b~c d~t~o Sl! chu d9ng trong dieu hanh CSTT cua NHNN.

- Can c6 sl! phoi h<;1pch~t che, nhat quan cung voiNHNN trong vi$c I~p ke ho~ch, dieu chinh CSTKcOngnhLfCSTT, d~c bi$t trong khau quan Iy, sa dl,lngcac kenh bom/hut tien dap ung phu h<;1pcung

-

cauve tien t$ phu h<;1pvoi ml,lc tieu ki~m soat I~mphat.

- Can cung cap thong tin ve sl! bien d9ng gia cathi trLtang d~ NHNN c6 cO sa dLta ra ml,lc tieu ki~msoat 19mphat.

(2) Hoan thi$n Lu~t Ngan sach va Lu~t NHNNtheo hLtongdam bao sl! d9c I~p cua CSTT:

- Vi$c cho yay ngan sach hang nam phai dLt<;1c

<i>khong che bai m9t h~n muc cl,l th~ do Quoc h9i quy</i>

djnh tren COsa LtUtien cac ml,lc tieu dl! kien cuaCSTT (nhLt,chi tieu cung Ung tien, I~m phat...).

- Cac khoan cho yay NSNN phai la ngan h~n dLtoi1 nam va phai dLt<;1cdam bao bang cac ChUng khoanChfnh phu va khong dLt<;1Ccap bang tin dl,lng ng09i t~cho NSNN.

- Lai suat cho yay NSNN nemcao hon lai suat dauthau tren thi trLtang ma a phien giao djch gan nhatnham lam giam d9ng cO 19m phat tin 'dl,lng cuaNHNN, dong thai, khuyen khfch vi~c sa dl,lng phLtongthuc tai trc;1thieu hl,lt phi I~m phat qua phat hanh tinphieu, trai phieu Kho b~c Nha nLtoc lam COsa phattri~n thj trLtangma va cac cong Cl,lchiet khau, taichiet khau cua NHNN.

- Khong dLt<;1cdung tien NHTV d~ tai cap Yon, xoan<;1,khoanh nc;1,gian nc;1cua cac ngan hang thLtongm~i lam anh hLtangtoi qua trinh dl! bao va dieu hanhCSTT cua NHNN.

Ph6v~ trU'dngv~ Ngan53ChNhilnU'oc

-.89Tili

chfnh.'~.~edinnhLt?ng~QivoiSSTK:

.

<small>~</small> Tiep tl,lc cai cach chfnh sach thue theo hLtong

<i>giam mucthu trong m9t sac thue</i>songma r9ngdi$n

thu, giam dan cac Ltudai, mien giam thue; khong Ltudai thue tran lan, chi sa dl,lng cac bi~n phap Ltudaimien, giam thue c6 thai h~n djnh trLtoc, dung doitLtc;1ng,ap dl,lng phu hc;1Pvoi boi canhkinh te; dambao nguyen tac quan Iy thong nhat, cong bang vethue doi voi cac thanh phan kinh te, cac doanhnghi~p trong va ngoai nLtoc. Cung voi d6i moi chfnhsach thue thl!C hi$n cai cach hanh chfnh trong ITnhvl!c thue theo hLtong hi~n d~i hoa cong tac quan Iy

<i>thue. Thl!c hi$n muc d(>ng vien vao ngan sach</i>

kholmg tU 21 - 22% so voi GDP.

- Doi >voichi ngan sach, thl!c hi~n chfnh sach ganket chi ngan sach voi cac ml,lc tieu cua chien ILf<;1Ckinh te - xa h9i trong tUng thai ky, trong khuon kh6 keho~ch tai chfnh trung va dai h~n cua quoc gia, cOngnhLtcua tUng nganh, tung ITnhvl!c. Thl!c hi$n co cauh<;1pIy va quan Iy thong nhat giiia chi dau tLf phat

tri~n, chi dau tLt XDCB voi chi Sl! nghi$pkinhte

- xa

h9i va chi tra nc;1,trong d6 dam bao COcau hc;1PIy, Ltutien cho dau tLt phat tri~n. Xac djnh ro cac nhi$m vl,l,ph9m vi ma ngan sach phai dam bao, thl!c hi$n chfnhsach LtUtien c6 ch9n IQccho m9t so ITnhVI!C,giambao cap, xoa bo nhiing tr<;1cap tu ngan sach khOngphu hc;1Pho~c lam can tra qua trinh h9i nh~p quoc te.

- Tiep tl,lC duy tri chfnh sach tai khoa c6 b9i chinham tang them nguon Il!c dau tLt cho pMt tri~n,

nhLtngkhonggay h~u quaxau doi voi nenkinhte ca <small>I</small>

hi~n t9i va ca thai ky chien ILtc;1c.Dam bao dLt nc;1quoc gia khong qua 50% GDP va khong qua 150%kim I1g~ch xuat kh~u; nghTavl,l tra n<;1nLtoc ngoai

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<small>h~mg nam dU'di 20% kim ng~ch xuat kh§u. Th!,lC hi~nyay trong r1lJdc va yay ngoai nU'dcde</small>

bu

aap'b9iJ:hi

<small>ngan sach, tLtng bU'dc tham gia th! trU:dng v6n quac te</small>

de ILfdngtrLfdckhi yay LfUdai nLfdcngoai giam." <small>,</small>

3. Ong YL HOUNG LEETrLfongd~idi~nVanphongIMFt~iVi~tNam

<i>"NhiJng ap II/cve I~m pMt: C6 m9t s6 bieu hi~n</i>

<small>cho thay nhiing</small>

ap

l!,Icve I~m phat tang len. s6 Ii~u

<small>ve I~m pMthang thang cho thay rang I~m phat</small> da

tang ke tLtquy 2 cua nam nay. Khi vi~c dieu chinh giaxang dau U'dCUnh la da d6ng g6p vao I~m pMtkhoang 1 diem % thi gia ca cac m~t hang phi ILfdngth!,lCcung da tang va dieu nay c6 th~ phlm anh sUc

Nhu cau m~nh me ve cac khoan yay ngan hangda day chi phi di yay tang len t~i Vi~t Nam. Do l<;1inhu~n cua cac ngan hang the hi~n 0 s!,l chenh I~chlai suat van con phu h<;1p,cac ngan hang c6 the phanung ch~m ch~p d6i vdi lai suat chinh sach cao vatang lai suat cho yay cua hQ m9t cach tLttLt.

Hdn the niia, neu d!,l trii dU'<;1Ctich luy du, NHNNc6 the can nhik vi~c giam mua ngo~i h6i tLt thitrU'dng,do d6 cho phep tl gia danh ngh'ialen gia. Dieunay c6 the kiem che chi phi de dung hoa vi~c bdmtien ra mua ngo~i t~ va t~o dieu ki~n cho tI gia th!,lc

<i>len gia 0 mUc khiem t6n va thU'dngdan den ket qua</i>

cau trong nU'dcm<;lnhlen.".

MOT SO VAN DE VE HOAT DONG CUA NGAN HANG CIDNH SACH XA HOI

....

d

MQT SO D~A PHU'dNG CO NIDEU KHO KHAN,"

<i>(Tiep theo trang</i> <small>42)</small>

<i>Thl!CtiEma BinhThu$ncOngd~t ra van de, can</i><small>t(~jQ</small> cacnen tang cho sl! phat trien ben yang cua NHCSXH.Banthansl! quantam, ung hQ,t,;10dieu ki$n cua cap uy, chfnhquyen,cacnganh,cacdoanthe,...

a

<small>dia phllcrng 113rat quan</small>

trQngroi. Songnhungtien de quantrQnghcrnd6 113<i>ccrche</i>

chinhsachcuaNhanl1<Jcve: t~o I$pnguonvontangtrllang

<i>on, dinhccrchetai chinhphu h<;1p</i>vdj ho~tdQngcua ngan

<i>hangchinhsach,ccrsa v$t chatky thu~ttlldng xCtng,nguon</i>

nhanIl!ckh6ngngCtngdll<;1Ctang wang. Nghi$pvI,!cuaNHCSXHcOngcandll<;1Cda d~nghdnva doi tll<;1ngchoyaycOngcandll<;1Cma rQnghcrn.Ben c~nhd6 mQtyeu to khac

d6 la sl! cuadQng,sangt<:10,thammllu, de suatcua nhang<small>ngllaidieu hanh hO<:1tdQngNgan hang chinh sach</small>

<i>a</i>

<small>Cd sa.n</small>

<small>Nguon lei Ii~u Iham khao:</small>

<small>- Boo coo hOQtd<)ngChi nhanh NHCS XH tinh Ninh ThuQn2003 - 2005.</small>

<small>- De an: "Dau tu ho trQ von cho phl,J nO ngheo don t<)cChom huy$n Ninh Phuoc ph at trien chon nu6i b6 sinh san. b6</small>

<small>thit vo beo</small><i><small>H-</small></i><small>NHCSXHtinh NinhThuQn,</small>

-<small>XH huy$n Boc Ai - tinh Ninh ThuQn.</small>

<small>- H6 Thj HQnh: LUQnan tien si kinh te ve hOQt d9ng cuaNHCSXH- DHKTQD HN nom 2004.</small>

T~ CIIiNcAN<small>MNC - &6 12NhM</small>2005

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