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Reply #32: Vietnam Risks Stability If Policy Eased, IMF, World Bank Say [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 08:10 AM
Response to Reply #21
32. Vietnam Risks Stability If Policy Eased, IMF, World Bank Say

Dec. 6 (Bloomberg) -- Vietnam may undermine progress toward economic stability if it loosens monetary policy now, the International Monetary Fund and World Bank said as the nation struggles with the fastest inflation in Asia.

The authorities need to move rapidly and decisively to ensure financial sector soundness while re-establishing macroeconomic stability, Sanjay Kalra, the IMFs resident representative in Vietnam, said in comments prepared for a conference in Hanoi today. Failure to do so, or even loosening policies now, would jeopardize the gains already made.

Vietnam faces an inflation rate close to 20 percent, a trade deficit, slowing economic growth and risks in the banking sector. The government said today gross domestic product may climb about 6 percent this year, lower than 6.8 percent in 2010, and Kalra said a transparent framework for recapitalization and consolidation in the financial sector is urgently needed.

Officials should consider raising interest rates again to support the nations currency if necessary, and while Vietnams foreign-exchange reserves rose in the summer, they have declined again in an effort to contain renewed pressures on the exchange rate, Kalra said.
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