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In 2001, Vietnam sent a letter of intent to the IMF to receive a loan to fund the Poverty Reductions and Growth Funds arrangement. [9] In order to create a greater macroeconomic stability for Vietnam they would rely on the monetary policy while under shock scenarios as it has proven to lift off interest rates.
Early proposals of monetary systems targeting the price level or the inflation rate, rather than the exchange rate, followed the general crisis of the gold standard after World War I. Irving Fisher proposed a "compensated dollar" system in which the gold content in paper money would vary with the price of goods in terms of gold, so that the price level in terms of paper money would stay fixed.
A so-called "zero interest-rate policy" (ZIRP) is a very low—near-zero—central bank target interest rate. At this zero lower bound the central bank faces difficulties with conventional monetary policy, because it is generally believed that market interest rates cannot realistically be pushed down into negative territory.
This is a list of countries by annualized interest rate set by the central bank for charging commercial, ... Vietnam: 4.50 0.50: 16 June 2023 [111] 3.02 1.48
This interest rate target is usually reviewed on a monthly or quarterly basis by a policy committee. [19] Changes to the interest rate target are made in response to various market indicators in an attempt to forecast economic trends and in so doing keep the market on track towards achieving the defined inflation target.
The State Bank of Vietnam (SBV; Vietnamese: Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. Organized as a ministry-level body under the Government of Vietnam, it is the sole issuer of the national currency, the Vietnamese đồng. [4] As of 2024 it holds over USD 100 million in foreign exchange reserves. [2]
The breakdown in simple-sum money demand relationships was a key factor in central banks abandoning monetary targeting in favor of interest rate rules. However, research using Divisia aggregates suggests that money could still serve as a useful policy indicator or intermediate target if properly measured. [19]
It increased the enrollment rate (the rate of children attending school) from 86% in 1993 to 95% in 2002. [13] From 2013 to 2017, the Vietnam School Readiness Promotion Project was launched to "raise school readiness" for 5-year-old children. [28] The project raised the enrollment rate of preschool children from 73.7% in 2012 to 87.6% in 2017. [29]