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CHNG I TNG QUAN V CHNH SCH TIN T I. Khi nim v c s ca chnh sch tin t.

1) Khi nim:

CSTT l tng ha cc phng thc m NHNN s dng nhm tc ng n lng tin cung ng t c mc tiu kinh t. x hi t nc trong thi k nht nh . Trong c hai chnh sch ch yu: - Chnh sch tin t m rng: cung ng thm tin,khuyn khch u t, m rng sn xut.., chng suy thoi. - Chnh sch tin t tht cht: gim cung ng tin nhm hn ch u t, km hm s pht trin qu nng ca nn kinh t..., kim ch lm pht. 2) C s ca chnh sch tin t. CSTT l mt trong nhng chnh sch kinh t v m m trong NHTW , thng qua cc cng c ca mnh thc hin vic kin sot v iu tit khi lng tin cung ng cn c vo nhu cu tin t ca nn kinh t nhm t dc cc muc tiu v gi c ,sn lng v cng n vic lm.
II.

H thng mc tiu ca chnh sch tin t.

Mc tiu cui cng: Mc tiu CSTT hu nh thng nht cc nc.s iu chnh lng tin cung ng nhm mc tiu trc ht l n nh gi tr tin t , trn c s gp phn tng trng kinh t v cng n vic lm. Mc tiu trung gian: Bao gm cc ch tiu c NHTW la chn d t c mc ch cui cng ca CSTT c ch tiu thng c s dng lm mc tiu trung gian l tng khi lng tin cung ng hoc mc li sut th trng (ngn v di hn) Ch tiu hot ng : L cc ch tiu c phn ng tc thi vi s diu chnh ca cng c CSTT cc tiu chun la chn ch tiu lm mc tiu hot ng cng tng t nh tiu chun la chn mc tiu trung gian : Ch tiu phi o lng c nhm trnh nhng suy in thiu chnh xc lm sai lch du hiu ca CSTT . Phi c mi quan h trc tip v n nh vi cc cng c ca CSTT

C mi quan h cht ch v n nh vi mc tiu trung gian c la chn Chch sch mc tiu lm pht: Chch sch mc tiu lm pht hay lm pht mc tiu c xut pht t l lun cho rng t l lm pht thp v n nh s gp phn quan trng vo qu trnh tng trng kinh t trong di hn v gim tht nghip,ng thi trnh c nhng mu thun trong cc mc tiu ca CSTT.CSTT nhm thc y tng trng khi nn kinh t vt qu mc sn lng tim nng s dn ti mc lm pht cao hn. Thc trng chung: Nhn chung, t tng ch o trong chnh sch tin t ca Vit Nam l c tnh an xen gia m rng thn trng v tht cht linh hot trong tng thi im c th mang tnh ngn hn, cn cc cng c chnh sch tin t ngy cng a dng v c NHNN iu hnh kh mm do, ng b, ngy cng ph hp c ch v bm st cc tn hiu th trng, ng thi ngy cng ph hp xu th vn ng chung ca chnh sch tin t khu vc, cng nh th gii, biu hin r nt nht trong chnh sch kch cu nm 2009, v cc iu chnh v li sut 2010, 2011. III. Cc cng c iu hnh chnh sch tin t v c ch tc ng ca cc cng c . Cng c ca chnh sch tin t l h thng cc bin php m NHTW c th s dng tc ng vo mc tiu ca chnh sch tin t. thc thi chnh sch tin t NHTW s dng mt lot cc cng c nh : cng c ti cp vn, li sut tn dng, d tr bt buc, nghip v th trng m, Mi loi cng c c c ch tc ng ring v mang li kt qu trn cc kha cnh khc nhau. Tuy nhin cc cng c nh hng n th trng tin t lin ngn hng bao gm cc cng c nh sau: 1. D tr bt buc (DTBB): DTBB l s tin m cc NHTM buc phi duy tr trn mt ti khon tin gi ti NHTW nhm thc hin chnh sch tin t. N c xc nh bng mt t l phn trm nht nh trn tng s d tin gi trong mt thi gian no . Mc DTBB c quy nh khc nhau cn c vo thi hn tin gi, vo quy m v tnh cht hot ng ca NHTM. + C ch tc ng : DTBB tc ng trc tip bi t l DTBB theo quy nh ca NHTW. Nu NHTW tng DTBB lm gim kh nng cho vay ca NHTm, cung ng gim (MS gim) v v t l DTBB l mt thnh phn ca

mu s ca h s nhn tin. V th, s tng ln ca t l DTBB s lm gim i s nhn tin v kh nng to tin gi ca h thng ngn hang. +u im: DTBB c th tc ng nh nhau n tt c cc ngn hng, to ra s bin i i vi cc ngn hng v c tc ng quyn lc i vi mc cung tin. Cch cn 1% thay i ca t l DTBB s thay di ng k v dn n s thay i theo cp s nhn ca khi lng tin cung ng. + Hn ch: chnh tc ng y quyn lc ca cng c DTBB n mc cung tin lm cho hot ng ngn hng bt n nh, chi ph cho s iu chnh thch ng vi t l DTBB mi l rt tn km, vic s dng DTBB gy nh hng n lng vn kh dng ca h thng ngn hang. Nh vy, vn thanh khon ca ngn hng gp kh khn hn. Do , cng c DTBB thng t c s dng v nu c chng phi s dng kt hp vi cng c khc. 2. Ti chit khu: Khi nim: Chnh sch ti chit khu l chnh sch m NHTW cho vay ngn hn trn c s chit khu cc giu t c gi ngn hn, ch yu l tn phiu kho bc v thng phiu. Trong cng c ny NHTW s n nh mc li sut ti chit khu v hn mc chit khu. Cng c ny c s dng trong cc trng hp: - Cho vay b sung ngn qu khi ngn hang trung gian thiu khon. - Cho vay di hnh thc cu cnh. + C ch tc ng: Chnh sc ti chit khu tc ng vo mc tiu trung gian ca chnh sch tin t th hin 2 mt sau : - V mt lng : do NHTW quy nh hn mc, iu kin ca cc chng t c gi do vy trong iu kin hn mc tn dng tng th lwongj ti chit khu tng. Theo kh nng cho vay ca NHTW s tng ln. Nh vy s thc y kh nng m rng tin ca h thng NHTM, v mt khi vn kh dng thay i, n lm cho quan h cung cu vn v do li sut th trng lin ngn hng thay i. - V hiu ng thng bo : S thay i li sut ti chit khu c coi nh l du hiu nh hng ca chnh sch tin t. Cc tuyn b ca NHTW v s bin ng ca li sut tng ln hoc gim xung cho ta bit NHTW ang mun m rng hay tht cht chnh sch tin t. Nh vy chnh sch ti chit khu c tc ng hng dn hnh vi th trng theo nh hng ca chnh sch tin t. Tuy nhin, hiu ng thng bo ch c hiu qu khi li sut ti chit khu ph hp vi li

sut th trng. Trong trng hp li sut chit khu cao hn hoc thp hn mc li sut th trng, s thay i li sut thc cht l s iu chnh k thut nhm ph hp vi li sut th trng. 3. Nghip v th trng m (OMO): Khi nim: OMO l cng c hu hiu nht ca CSTT, OMO th hin hot ng ca NHTW trn th trng m nhm can thip vo d tr ca NHTM. C ch tc ng: Qua 3 con ng: Khi NHTW bn cc chng khon ca NHTM d n tr bng sc hay tin mt, d tr ca NHTM v cc TCTD cng gim i. Khi d tr ca ngn hng thng mi v cc TCTD gim s lm cho kh nng cp pht tn dng ca cc t chc ny gim, v nh th cung ng tin trong nn kinh t cng tht cht hn na. Khi vn kh dng ca tng NHTM v cc TCTD gim (tng) do tc ng ca nghip v th trng m s lm cho mc cung ng vn trn th trng tin t lin ngn hng gim (tng) vi iu kin cc yu t lin quan khng thay di, li sut th trng lin ngn hng tng (gim), t s nh hng ti li sut ca cc cng c trn th trng m v li sut tri phiu. Kt qu l nh hng ti u t, tng cu, gi c v sn lng, cng n vic lm. Nghip v th trng m cn nh hng n cung cu v do ti gi cc chng khon thuc phm vi can thip, ch yu l tn phiu kho bc. Khi NHTW bn chng khon thu tin v, lng chng khon tun ra th trng tr nn ln. Chng khon d tha lm cho gi ca n h, dn ti li sut tng, hn ch u t v ngc li. Chng II TNG QUAN V TH TRNG TIN T LIN NGN HNG I. Khi nim th trng tin t lin ngn hng: Th trng tin t lien ngn hng l ni cc ngn hng hoc cc TCTD vay mn nhau khon d tr d tha nhm b p nhu cu ngn qu tm thi cho cc ngha v ti chnh thng xuyn.

V khng c m bo nn cc khon vay mn thng c ri ro cao. V th tr thnh thnh vin ca th trng tin t lin NH, cc NH phi tha mn cc tiu chun nht nh c lin quan n yu cu k qu, hn mc ti chit khu c hng t NHT v tnh trng ti chnh lnh mnh. Phn ln cc giao dch lin NH c thc hin qua vai tr ngi mi gii hoc qua 1 trung gian giao dch. A. V tr ca th trng tin t lin ngn hng:

Th trng ti chnh

Th trng tin t

Th trng vn

TTTT lin ngn hng

TTTT m rng

TTTD trung v di hn

TT chng khon

B. c im ch yu ca TT lin ngn hng


1. Tnh thanh khon ca th trng

Tnh thanh khon ca th trng lin ngn hng rt cao, cc giao dch trn th trng lin ngn hng din ra hng ngy vi doanh s giao dch ngy cng ln, c bit trong nhng thi im cc ngn hng cng thng v vn kh dng.
2. Li sut trn th trng tin t lin ngn hng

* Tnh th trng ca li sut lin ngn hn g:


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- Li sut lin ngn hng c tnh th trng cao,ngy cng phn nh st thc hn cung cu vn kh dng ca cc ngn hng T sau cuc khng hong ti chnh tin t Chu nm 19971998, d tr ca cc ngn hng di do, li sut cho vay, gi tin VN bnh qun trn th trng tin t lin ngn hng Vit Nam ti hu ht cc k hn u tng i n nh, c bit l giai on 2005 n cui nm 2007. Li sut bnh qun VN trn th trng tin t lin ngn hng ch mc 6 n 8%/nm v bin dao ng hng ngy ch mc thp. Nhng khi cc ngn hng cng thng v d tr, c bit t u nm 2008 n khong thng 9/2008 li sut bnh qun trn th trng lin ngn hng tt c cck hn c s bin ng tng t bin v ng mc cao, bnh qun gn 18%/nm. C bit c thi im ln n 43%/nm. C th thy, tnh trng cung cu vn kh dng ca cc ngn hng trong mi thi k tc ng n s thay i ca li sut trn th trng tin t lin ngn hng. - Li sut lin ngn hng c quan h cht ch vi lo sut huy ng, li sut cho vay trn th trng song c mc bin ng mnh Li sut lin ngn hng v li sut trn th trng tn dng bin ng cng chiu. Song li sut lin ngn hng, c bit l li sut qua m bin ng mnh. Mt mt do mc li sut ny phn nhcung cu vn kh dng ngay tc thi ca cc ngn hng, thm na thi hn li rt ngn nn c nhng thi im li sut lin ngn hng ln rt cao v cc ngn hng phi chu ng b p vn kh dng - Li sut lin ngn hng cng b khng ch bi trn li sut: Thng 8/2008 thng c NHNN ban hnh Quyt nh s 1849/Q-NHNN. Theo , t ngy19/8/2008, cc t chc tn dng n nh li sut huy ng v li sut cho vay bng ng Vit Nam gia cc t chc tn dng trn th trng lin ngn hng khng vt qu 150% ca li sut c bn do NHNN Vit Nam cng b p dng trong tng thi k. Do vy sau thi im ny, mc d li sut c th bin ng mnh hng ngy nhng khng vt qu mc cho php, v vy cng khng c mc li sut cao k lc nh trc y * Mc nhy cm vi tc ng ca NHNN
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- Li sut lin ngn hng phn nh r tc ng ca NHNN n d tr ca cc ngn hng: Trong iu hnh chnh sch tin t, NHNN la chn mc tiu trung gian l tng phng tin thanh ton M2, mc tiu hot ng l d tr ca cc ngnhng. Khi NHNN s dng cc cng c thc hin chnh sch tin t tht cht, c bit l tng d tr bt buc, bn cc giy t c gi dn n vic cc ngn hng khan kim v d tr, li sut lin ngn hng b y ln cao. Ngc li khi NHNN thc hin CSTT ni lng hn, tnh trng cng thng v d tr khng cn, thm ch d tha v vn kh dng, li sut lin ngn hng gim r rt. Nhng din bin ca li sut lin ngn hng t u nm 2008 nh phn tch trn phn nh rt r iu.
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Li sut lin ngn hng i khi t chu tc ng bi li sut

ch o ca NHNN: Cc mc li sut do NHNN qui nh trc ht l li sut li sut ti cpvn, li sut ti chit khu, li sut c bn c nhng thi k di khng iu chnhnhng li sut lin ngn hng vn bin ng. Hoc li sut ch o tng nh nhng li sut lin ngn hng li tng rt cao. S bin ng ca li sut th trng lin ngn hng chu p lc bi cc yu t cung cu vn trn th trng mnh hn l li sut ch o I. Vai tr ca NHTW trn th trng tin t lin ngn hng - Kim tra giam sat cht che cac hot ng cua thi trng thng qua vic a ra cc thit ch cc iu lut, cc quy nh nhm m bo cho th trng hot ng c hiu qu. - NHTW tham gia th trng vi t cch l Ngi iu tit th trng thng qua cc cng c chnh sch tin t duy tr cc iu kin tin t trn th trng lin ngn hng, ph hp vi mc tiu hot ng trong tng thi k. Cc cng c chnh sch tin t c NHTW s dng tc ng vo cung cu ngn qu ca TCTD v t quyt nh chiu hng hot ng ca cc ch th ny trn th trng tin t lin ngn hng ph hp vi mc tiu chnh sch tin t.

- NHTW l ngi chi phi s bin ng ca li sut lin ngn hng mc d n l li sut th trng v c hnh thnh do quan h cung cu v vn kh dng trn th trng lin ngn hng. C th NHTW chi phi li sut lin ngn hng thng qua vic nh hng n cung cu vn kh dng theo mc tiu ni lng hay tht cht chnh sch li sut th trng . Li sut lin ngn hng c th gim hoc tng mt cch gin tip theo nguyn tc th trng. - NHTW l ch th ng vai tr quan trng trn TTTT ni chung v TTTT lin NH ni ring vi vai tr l ngi iu hnh t chc l c quan duy nht pht hnh tin, iu ny lm nh hng ti lng tin trong nn kinh t v kh nng to tin ca NHTM. NHTW tham gia kim sot kh nng to tin ca cc NHTM thng qua cc cng c ca mnh nh : li sut ti cp vn, t l d tr bt buc v nghip v th trng m. CHNG III: IU HNH CSTT CA NHTW V TC NG CA N N TH TRNG TIN T LIN NGN HNG I. NH GI TNG QUT V GIAI ON 2000- 2012 Cac cng cu CSTT tc ng n cc dng vn, to nn nhng thay i ln trn th trng tin t. Chnh sch tin t ca chnh ph tc ng n th trng tin t. Khi chnh ph p dng chinh sch tin t m rng th n s l cho lng cung tin tng ln, cung tin tng l cho li xut ngn hng gim dn n u t ca doanh nghip tng lm tng sn long ca quc gia. Ngc li khi chnh ph p dng chnh sch tin t thu hp s lm cho lng cung tin gim , lm li sut tng dn n u t gim, lm gim sn lng qc gia. sn lng quc gia thay i lm thay i cn cn thanh ton, cn cn xut nhp khu...
1. Chinh sach lai sut

T 2000-2012 din bin li sut th trng tin t kh n nh - S thay i thch hp ca chnh sch li sut: Trong tng giai on, tu theo din bin v mc tiu kinh t v m- tin t, NHNN thc thi chnh sch li sut thch hp, tin dn theo cc nguyn tc th trng. - Qu trnh t do ho li sut: T thng 6/2002, li sut VND trn th trng c t do ho. Qu trnh t do ho li sut din ra trong hn 10 nm
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(1991-2002), theo bc i t do ho dn dn, bt u l t do ho li sut tin gi, tip n l li sut cho vay, li sut TTTT th cp t do ho trc, ri n li sut TTTT s cp. + nh gi chnh sch li sut - Mt c: Chnh sch li sut ph hp vi iu kin, mc tiu kinh t v m trong tng giai on chuyn i ca nn kinh t v thc hin thnh cng t do ho li sut; NHNN chuyn i c ch kim sot trc tip li sut sang c ch kim sot gin tip; c ch truyn dn v tc ng ca chnh sch li sut i vi TTTT Li sut ti cp vn, li sut chit khu ngy cng c iu hnh linh hot, ph hp vi mc tiu chnh sch tin t trong tng thi k. T nm 2003 n nay, li sut ti cp vn v li sut ti chit khu c iu chnh dn hnh thnh khung li sut nh hng li sut th trng LI SUT CHIT KHU Gi tr 11% 12% 13% 12% 7% 7% 6% 6% 6% 6% 6% Vn bn quyt nh 693/Q-NHNN 10/4/2012 407/Q-NHNN 12/3/2012 929/Q-NHNN 29/4/2011 379/Q-NHNN 8/3/2011 447/TB-NHNN 29/11/2010 Ngy p dng 11/04/2012 13/03/2012 01/05/2011 08/03/2011 01/12/2010

2620/QNHNN 05/11/2010 05/11/2010 402/TB-NHNN 27/10/2010 352/TB-NHNN 27/9/2010 316/TB-NHNN 25/08/2010 259/TB-NHNN 27/7/2010 316/TB-NHNN 25/8/2010 01/11/2010 01/10/2010 01/09/2010 01/08/2010 01/09/2010

6% 6% 6% 6%/nm 5,0%/nm 5% 6,0% 7.5%/nm 9,0%/nm 10% 11%/nm 12.0%/nm 13,0%/nm 11,00%/nm 11% 6.0% 4,5%/nm 4,00%/nm 3,5%/nm 3,00%/nm 4,80%/nm 5,40%/nm

220/TB-NHNN 24/06/2010 189/TB-NHNN 31/5/2010 26/TB-NHNN 26/01/2010

10/08/2010 01/06/2010 01/02/2010

2664/Q-NHNN 25/11/2009 01/12/2009 2232/Q-NHNN 837/Q-NHNN 10/4/2009 173/Q-NHNN 23/1/2009 01/10/2009 10/04/2009 01/02/2009

3159/Q-NHNN 19/12/2008 22/12/2008 2949/Q-NHNN 3/12/2008 05/12/2008 2810/Q-NHNN 21/11/2008

2561/Q-NHNN 3/11/2008 05/11/2008 2318/Q-NHNN 20/10/2008 21/10/2008 1316/Q-NHNN 10/6/2008 11/06/2008 1099/Q-NHNN 16/05/2008 19/05/2008 1098/Q-NHNN 16/5/2008 19/05/2008 306/Q-NHNN 30/1/2008 01/02/2008

1746/Q-NHNN 1/12/2005 01/12/2005 316/Q-NHNN 25/3/2005 20/Q-NHNN 07/01/2005 832/Q-NHNN 30/7/2003 242/2001/Q-NHNN 29/03/2001 466/2000/Q-NHNN
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01/04/2005 15/01/2005 01/08/2003 01/04/2001 06/11/2000

02/11/2000 4,20%/nm 4,80%/nm 239/2000/Q-NHNN 31/07/2000 102/2000/Q-NHNN 31/03/2000 01/08/2000 05/04/2000

Nhng tn ti, hn ch ca chnh sch li sut hin nay: Vic iu hnh v kim sot li sut TTTT ca NHNN gp kh khn, do cc nhn t nm ngoi kh nng iu tit ca mnh; tc ng ca c ch iu hnh li sut i vi li sut TTTT cn yu; mi lin h gia cc loi li sut TTTT v li sut chnh thc ca NHNN cn lng lo; cha c li sut chun; mt bng li sut TTTT s cp v th cp cn ct c; nhy ca hnh vi tit kim, u t v tiu dng vi li sut cn hn ch; NHNN cha xc nh li sut mc tiu; m hnh iu hnh v kim sot li sut th trng phc tp; trn th trng lin ngn hng hin ang c hai khung li sut. NHNN cha xc nh c th chnh sch li sut p dng trong nhng nm ti. Cc li sut do NHNN cng b nh li sut ti cp vn, li sut chit khu, li sut c bn pht tn hiu iu hnh chnh sch tin t (tht cht hay ni lng), nhng cha thc s pht huy hiu qu vai tr kch thch tng gim nhu cu tin t. K c trong cc giao dch nghip v th trng m, s lng thnh vin tham gia hn hp nn li sut nghip v th trng m cng cha phn nh ng quan h cung-cu v vn trn th trng. Nhn chung, cc mc li sut ca NHNN cha thc s c mi quan h gn kt vi li sut th trng tin t. V cc li sut trn th trng tin t ni chung cng cha c s gn kt cht ch vi li sut ca cc cng c di hn trn th trng ti chnh.
2. D tr bt buc

Bng quyt nh tng hoc gim t l d tr bt buc, NHNN s thc hin chnh sch tin t tht cht hay ni lng i vi nn kinh t x hi, nhm mc tiu y li lm pht, thc y pht trin kinh t x hi ca t nc.

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D tr bt buc c iu chnh hng nm tng hoc gim c v khi lng, din phi DTBB v li sut tin gi nhm khng ch mc vn kh dng ca cc NHTM. - Thng 5/2001 tng t l DTBB bng ngoi t ln 15%, gim t l DTBB bng VND xung 3%; thng 11/2001 gim t l DTBB bng ngoi t xung cn 10%. tin gi VND khng k hn n di 12 thng tng t 2% n 5%, - Trong nm 2006, cng c DTBB c iu hnh theo hng linh hot, thn trng: t l DTBB i vi tin gi khng k hn v c k hn di 12 thng bng ngoi t l 8%; T l DTBB i vi tin gi c k hn t 12 thng n di 24 thng l 2%. - Trong nm 2007 v u thng 1/2008, DTBB i vi ngn hng tng thm 1% cc loi tin gi c ban hnh Trong nhng nm gn y, do tnh hnh kinh t lun din bin phc tp, t l d tr bt buc cng c thay i lin tc ph hp vi tin trnh pht trin kinh t, gp phn n nh chnh sch tin t quc gia. T l d tr bt buc i vi cc TCTD Vit Nam (2001-2008)

T l d tr bt bc Vn bn (VND) 11%1- 5% 10%- 4% 8%- 2% 6%- 2% 5%- 1% 3% - 1% 187/Q-NHNN ngy 16/1/2008 2560/Q-NHNN ngy 03/11/2008 2811/Q-NHNN ngy 20/11/2008 2951/Q-NHNN ngy 03/12/2008 3158/Q-NHNN ngy 19/12/2008 379/Q-NHNN ngy 24/02/2009

(1): i vi tin gi khng k hn v k hn di 12 thng (2): i vi tin gi k hn t 12 thng tr ln Ngun: http://www.sbv.gov.vn

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Bng 01 cho thy t thng 01/2008 - 01/2011 n nay, t l d tr bt buc c iu chnh gim, vic iu chnh ny ca NHNN, mt mt, nhm a ra tn hiu ni lng tin t; mt khc, thng qua vic nng cao h s nhn tin chnh thc m rng kh nng cho vay, kch thch cc ngn hng thng mi y mnh hot ng tn dng, tch cc cung ng vn cho nn kinh t.
3.

Nghip vu thi trng m

T nm 2000 n nay, nghip v th trng m c tng bc hon thin v ch trng s dng tr thnh cng c iu tit tin t ch yu ca NHNN. Tng doanh s giao dch nghip v th trng m theo c 2 chiu mua v bn tng mnh qua cc nm; k hn giao dch cng c a dng ha t 7-182 ngy; khi lng giao dch qua tng phin, nh k giao dch cng ngy cng tng thm. Vic iu hnh nghip v th trng m ngy cng mang tnh th trng hn, qua tng cng kh nng iu tit ca cng c ny n vn kh dng ca cc t chc tn dng v cc iu kin trn th trng tin t.
II. GIAI ON 2000-2007.

Lot iu chnh ca chnh sch tc ng n cc dng vn, to nn nhng thay i ln v trn th trng lin ngn hng. T 2000-2007 th trng lin ngn hng kh n nh c din bin li sut (bin ng khng ln (6 8 %/nm) ) v quy m giao dch.
1. Chnh sch chit khu

S thay i mc li sut ti cp vn tc ng trc ht vo chi ph u vo ca cc NHTM, v th cc ngn hng ny dn dn tng (hoc gim) li sut cho vay, t lm gim (hoc tng) nhu cu tn dng. Bn cnh , khi li sut ti cp vn tng ln (hoc gim), cc NHTM khng th vay NHTW mt cch d dng (hoc l c th m rng kh nng vay).iu ny buc cc NHTM phi gim bt kh nng cung ng tn dng hi phc d tr (hoc m rng cho vay trong trng hp ngc li) khin li sut trn th trng tng ( hoc gim trong trng hp ngc li) Khi NHNN a hnh thc cho vay qua m trong thanh ton in t lin ngn hng vo p dng th li sut cho vay b p thiu ht vn trong thanh
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ton c thng nht vi li sut cho vay qua m. Mc li sut ny l 0,03%/ngy t nm 2002 n nay. Nh vy, mc d l 2 hnh thc TCV nhng li sut p dng i vi 2 hnh thc ny li khng ph hp vi c ch iu hnh li sut hin nay. Li sut cho vay qua m cao hn li sut cm c GTCG. y l mt bt cp hin nay trong c ch iu hnh li sut ca NHNN. T nm 2003 n thng 10/2005, chnh lch gia 2 loi li sut ny c duy tr l 2%/nm. Cui nm 2005, NHNN tng cc li sut ln thm 0,5%/nm. iu ny nhm thc hin c ch iu hnh li sut theo hnh lang, theo li sut trn l li sut cho vay cm c GTCG v li sut sn l li sut chit khu GTCG. Li sut chit khu hin nay ang l li sut vay vn thp nht trn th trng tin t. T r o n g n m 2 0 0 6 , d oa n h s c ho vay c m c gi y t c g i bng khong 18,8% doanh s cho vay cm c giy t c gi nm 2005, ch c mt s ngn hng thc hin vay di hnh thc cm c giy t c gi nh Ngn hng nng nghip v pht trin nng thn, Ngn hng u t v Phttrin Vit Nam, NHTM c phn Vit , NHTM c phn Qun i, ngn hngIndovina. Nm 2007, nhn chung, vn ca cc TCTD xt trn ton h thng tiptc d tha. Trong khi , hot ng th trng lin ngn hng cha thc s thng sut nn mt s NHTM c thiu ht tm thi v vn kh dng, tipcn cc knh ti cp vn ca NHNNVN (di hnh thc chit khu, cm cgiy t c gi) m bo kh nng thanh ton. i vi hnh thc cm cgiy t c gi, t u nm 2007 NHNNVN hn ch vic ti cp vn thng qua cm c giy t c gi. Bn cnh , do cc TCTD tip tc d tha vn nn rt t TCTD tip cn ngun vn ny. 2. D tr bt buc T l d tr bt buc tng ln lm gim mc cung vn ca cc NHTM trn th trng lin ngn hng.Trong iu kin nhu cu vn kh dng khng thay i, s gim st ny lm tng li sut lin ngn hng, t dn n tng cc mc li sut di hn v gim khi lng tin cung ng. Quyt nh gim t l d tr bt buc s gy nn nhng nh hng ngc li. D tr bt buc c iu chnh hng nm tng hoc gim c v khi lng, din phi DTBB v li sut tin gi nhm khng ch mc vn kh
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dng ca cc NHTM. Thng 5/2001 tng t l DTBB bng ngoi t ln 15%, gim t l DTBB bng VND xung 3%; thng 11/2001 gim t l DTBB bng ngoi t xung cn 10%. T nm 2003, cc TCTD c tnh c tin gi DTBB ti cc chi nhnh NHNN, y l bc khi u cho vic thc hin mc tiu tng cng kh nng iu tit tin t ca cng c ny. Tuy nhin bc sang nm 2004 ,Trc bi cnh CPI nhng thng u nm tng cao, thc hin mc tiu n nh tin t gp phn tng trng kinh t, thng 7 nm 2004, NHNNVN iu chnh tng t l DTBB i vi cc loi tin gi di 24 thng bng VND v ngoi t (Quyt nh s 796/Q NHNNVN ngy 25/6/2004) ng thi, khuyn khch ccTCTD s dng vn c hiu qu, trnh tng li sut dn n d tha vnVND, NHNNVN thay i phng thc tr li i vi tin gi DTBB bng VND (Quyt nh s 923/Q NHNNVN ngy 20/7/2004).Theo , i vi DTBB bng VND, NHNNVN ch tr li cho tin gi DTBB (1,2%/nm) m khng tr li cho phn tin gi DTBB vt. Trong nm 2006, cng c DTBB c iu hnh theo hng linh hot, thn trng nhm thc hin mc tiu kim ch lm pht v gp phn tng trng kinh t.. Theo , t l DTBB i vi tin gi khng k hn v c k hn di 12 thng bng ngoi t l 8%; bng VND p dng cho cc NHTM Nh nc, NHTM c phn th, NHTM lin doanh, Chi nhnh NHTM nc ngoi l 5%, ring Ngn hng Nng nghip v Pht trin nng thn l 4%, p dng cho NHTM c phn nng thn, Qu tn dng nhn dn Trung ng l 2%. T l DTBB i vi tin gi c k hn t 12 thng n di 24 thng l 2%, p dng chung cho c VND v ngoi t. Ngoi ra, cng c DTBB tip tc c iu hnh theo hng bnh qun theo thng nhm to iu kin cho cc TCTD s dng linh hot ngun vn. 3. Nghip v th trng m. NVTTM l mt cng c tin t gin tip c NHNNVN a vo s d n g t t h n g 7 / 2 0 0 0 , y l b c c h u y n b i n c n b n t o n n t n g NHNNVN chuyn iu hnh t cng c tin t trc tip sang cng c tin t gin tip nhm iu tit vn kh dng v li sut th trng c hiu qu hn.T thng 7/2000 n nay, NVTTM khng ngng c hon thin: h tr kp thi vn kh

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dng cho cc TCTD v n nh th trng tin t, NHNNVN tng nh k giao dch cc phin NVTTM t 3phin/tun nm 2004 v t nm 2007 thc hin nghip v giao dch th trng m hng ngy, c bit mi y thng 4/2010, NHNNVN tng thm phin giao dch bui chiu trn th trng m thay v ch mt phin bui sng, trong phin giao dch bui sng cho k hn 28 ngy v phin giao bui chiu cho k hn 7n g y . Doanh s giao dch khng ngng tng ln: nm 2005, tng doanh sgiao dch trong nm 2005 theo c 2 chiu mua v bn giy t c gi t 102,511 t ng, tng 65,5% so vi nm 2004; doanh s giao dch bnh quntrong tng phin t khong 648,8 t ng, tng 28,85% so vi doanh s giaodch bnh qun mt phin nm 2004. Nm 2006 c nhiu im khc bit c bn so vi cc nm trc, mc d tha vn kh dng l kh ln, ko di qua nhiu thng trong nm ch yu do tc huy ng vn VND tng nhanh hn tc cho vay bng VND. Song, mc d vn kh dng d tha nhng trong nhng ngy cui nm 2006 li sut trn th trng khng gim, NHNN vn phi h tr lng vn bng VND kh ln cho cc TCTD m bo kh nng thanh ton do th trng tin t cha thc s thng sut, mt s NHTM thiu ht vn kh dng vn gp kh khn khi tip cn cc ngn hng d tha vn. Tng doanh s trng thu OMO qua cc nm n v: t ng S Nm phin thc hin thc hin Khi lng trng thu theo cc phng thc giao dch Mua k hn 873,50 3.253,81 7.245,53 Mua hn 480,0 0 60,00 50,00 Bn k hn Bn hn Tng cng

2000 2001 2002

17 48 85

550,00 570,00 1.900,00

1.903,50 3.933,81 9.145,53

16

2003 2004 2005

107 123 159

9.844,15 60.985,91 100.679,1 5 700,00

11.340,0 0 950,00 1.100,00

21.184,15 61.935,91 102.479,15

Ngun: Ngn hng Nh nc Vit Nam Thng qua hot ng OMO, NHNN khng ch mua GTCG bm thm vn kh dng khi th trng thiu ht vn kh dng v m cn bn GTCG ht tin nhn ri khi th trng d tha vn nhm thc hin mc tiu CSTT qua tc ng n li sut th trng lin ngn hang. Quy trnh thanh ton tng bc c rt ngn. T thanh ton sau 2 ngy k t ngy u thu (T+2) nm 2000, thanh ton sau ngy u thu 1 ngy (T+1) nm 2001 v t nm 2002 n nay vic thanh ton c thc hin ngay trong ngy u thu (T+0). H thng thanh ton in t lin ngn hng ca NHNN a vo vn hnh t thng 5/2003 to iu kin cho cc giao dch trn th trng lin ngn hng v OMO c thanh, quyt ton tc thi, p ng kp thi nhu cu vn ca cc TCTD. III. TC NG CA VIC IU HNH CC CNG C CSTT V TC NG N TH TRNG LIN NGN HNG GIAI ON 2008 - NAY. 1. Cng c chit khu Trong nhng thng u nm 2008, cc TCTD c kh khn tm thi vvn kh dng, NHNNVN thc hin ti cp vn cho cc NHTM, nht l nhng NHTM c quy m nh. Vic NHNNVN h tr vn ngn hn cho cc NHTM c tc ng tch cc trong vic n nh th trng tin t lin ngn hng l gim bt tnh trng thiu thanh khon ca cc ngn hng nh, t h nhit li sut lin ngn hng. T quIV nm 2008, khi tnh hnh th trng tin t tng bc i vo n nh, ngun v n c a c c TC T D c m b o n n nhu c u va y t i c p v n c a c c NHTM gim.

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T r o n g n m 2 0 0 9 , N HN N VN r a Qu y t nh s 1 73 / Q - NHN N q u y nh v mc li sut ti cp vn l 8%/nm v li sut chit khu l 6%/nm. Ngy 10/4/2009, NHNNVN ra Quyt nh s 837/QNHNN thay th choquyt nh s 173/Q-NHNN. C th nh sau: li sut ti cp vn gim t 8,0%/nm xung cn 7,0 %/nm, v li sut chit khu gim t 6,0%/nmxung cn 5,0 %/nm. Mt ln na, NHNNVN nng li sut ti cp vn tngt 7% / n m l n 8% / n m , l i s u t c h i t kh u t n g t 5 % / n m l n 6% / n m (Quyt nh s 2664/Q-NHNN) p dng t 01/12/2009. Nhn chung qua cc nm li sut chit khu cng c iu chnh theoxu hng tng dn. Trong iu kin nn kinh t ang c nhng du hiu lm pht gia tng th vic p dng tng li sut chit khu s lm gim kh nngcho vay ca cc NHTM, gim d lng vn cho vay, t lm gim d n cho vay tn dng ca cc NHTM. Nm 2010, li sut chit khu mc 6%/ nm v c iu chnh tng 1% nhng thng cui nm, li sut cp vn t 8% tng ln 9% nhng thng cui nm nhm tng tnh thanh khon cho h thng ngn hng trn th trng tin t lin ngn hng. Nm 2011, NHNN s iu hnh chnh sch tin t ch ng, linh hot v thn trng nhm mc tiu hng u l kim sot lm pht v n nh kinh t v m, gp phn tng trng kinh t." - y l mt nh hng chin lc mi, thay cho h tr tng trng ca chinh sch tin t nm 2010. Hin nay: Li sut c bn 9% Li sut ti chit khu 12% Li sut ti cp vn 13% TGBQLNH ngy 19/4/2011 l 1USD = 20.733,00VND Ngy 8/3/2011, Ngn hng Nh nc ban hnh Quyt nh s 379/Q-NHNN v li sut ti cp vn, li sut ti chit khu, li sut cho vay qua m trong thanh ton in t lin ngn hng v cho vay b p thiu ht vn trong thanh ton b tr ca Ngn hng Nh nc i vi cc ngn hng. Theo quyt nh trn, Ngn hng Nh nc quy nh cc mc li sut ti cp vn, li sut ti chit khu, li sut cho vay qua m trong thanh ton

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in t lin ngn hng v cho vay b p thiu ht trong thanh ton b tr ca Ngn hng Nh nc i vi cc ngn hng l 12,0%/ nm Nh vy, y l ln th hai k t u nm 2011, Ngn hng Nh nc tng mt s loi li sut iu hnh. Ln trc, ngy 17/2, mc tng li sut ti cp vn l t 9%/nm ln 11%/nm, ln ny th t 11% ln 12%. ng ch l trong ln iu chnh ny, li sut ti chit khu c tng mnh, t 7%/nm ln 12%/nm 2. Cng c DTBB Trc din bin phc tp ca CPI trong nm 2007 v u thng1/2008, NHNNVN ban hnh cc gii php nhm kim sot cht ch tc tng trng tn dng v tng phng tin thanh ton ca cc TCTD. Bc iu tin trong gi cc gii php tht cht tin t l ngy 16/1/2008, NHNNVN ban hnh quyt nh s 187/2008/Q-NHNN iu chnh DTBBi vi ngn hng tng thm 1% cc loi tin gi c ban hnh (trc ,thng 6/2007, NHNNVN ban hnh Quyt nh 1141 tng t l DTBBln gp i). Nu so snh vi t l DTBB ti Quyt nh 1141/2007 th mctng 1% l khng ln. Tuy nhin, nu xem xt s tin m cc TCTD phi httin t lu thng v th khng nh, c bit trong bi cnh th trng tin tv chng khon ang trong thi im cc k nhy cm. Nhng thng cui nm 2008, ngn chn suy gim kinh t, NHNN iu chnh gim t l DTBB i vi tin gi bng VND t 11% xung 6% v tin gi bng ngoi t t 11% xung 7%. n u n m 20 0 9 , NHN N VN r a qu y t n h s 379/ Q N HN N r a ngy 24/2/2009 v vic thay i DTBB i vi tin ng Vit nam ca cc TCTD. Trong cc NHTM Nh nc, NHTM c phn Ngoi thng Vit Nam, NHTM c phn th, NHTM c 100% vn nc ngoi, cng ty tichnh l 3% trn tng s d tin gi phi DTBB. Ngn hng Nng nghip vP h t t r i n n n g t h n Vi t N a m , N HT M c p h n n n g t h n , Qu t n d ng nhn dn Trung ng l 1% trn tng s d tin gi phi DTBB. Mc chca vic iu hnh cc CSTT nu trn l nhm n nh th trng tin t, lisut, t gi v h tr vn kh dng cho cc TCTD c iu kin m rng huyng vn v tn dng c hiu qu i vi nn kinh t, k c vic cho vay ivi cc d n u t theo chng trnh kch cu ca Chnh ph.Trong tnh hnh ch s lm pht lin tc tng, NHNNVN iu
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hnhcng c DTBB mt cch thn trng nhm n nh th trng tin t lin ngn hng, li sut,t gi. iu gp phn kim ch lm pht kh hiu qu trong nm ny. Bc qua nm 2010, NHTW quyt nh k t thng 2, cc ngn hng ch phi trch 4% tng s d tin gi di 12 thng d tr bt buc, thay v mc 7%. Vi k hn trn 12 thng, cc ngn hng phi d tr bt buc vi mc 2%, thay v yu cu 3%. i tng p dng quy nh ny l cc ngn hng thng mi nh nc (khng bao gm Ngn hng Nng nghip v Pht trin nng thn), ngn hng thng mi c phn, ngn hng 100% vn nc ngoi, lin doanh v chi nhnh ngn hng nc ngoi. i vi Ngn hng Nng nghip v pht trin nng thn, Qu tn dng nhn dn trung ng, ngn hng hp tc, t l d tr bt buc vi cc khon tin gi di 12 thng l 3% v trn 12 thng l 1%, ng lot gim mt na so vi quy nh hin hnh. Quyt nh ny nh mt ng thi h tr cc ngn hng cung ng vn ngoi t cho nn kinh t, to ra s cn bng trn th trng ngoi hi lin ngn hng. Nm 2011 t l d tr bt buc bng ngoi t tip tc tng thm 1%. y l ln th ba lin tip Ngn hng Nh nc tng t l ny, sau khi ln lt iu chnh trong k thng 5 v thng 6. V quyt nh trn, Ngn hng Nh nc cho bit mc ch l hn ch tng trng tn dng ngoi t, to iu kin n nh th trng tin t v ngoi hi. 3. Nghip v th trng m Lng tin cung ng rng qua nghip v th trng m

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N m Qu I

2008 Cung ng 20223 6 44500 0 28310 0 83860 10141 96 Hp th 2024 17 4210 02 2800 00 1027 3 9136 92 Cung Cung ng ng rng -181 5255 3 7688 3 2673 93

2009 Hp th Cung ng rng Cung ng 3278 68 4139 52 4465 10 9203 85 2108 715

2010 Hp th 2793 40 3483 06 3653 26 8214 39 1814 411 Cung ng rng 48528 Cung ng

2011 Hp Cung th ng rng 8293 1,9 6987 5,9

4699 5559 4 6861 8265 8 2384 28899 94 4899 80107 43 8440 12283 49 0

12851 120 46 221 5 10149 108 16 479 1,9

II

2399 8 3100

65646

III IV Tn g hp

81184 94946 29430 4 23000 228 62 700 6 1305 6

7358 5700 7 50 1006 9668 85 79

n v tnh: t ng Ngun: Ngn hng Nh nc v tng hp ca nhm tc gi ( hp th hay ht v, khi trnh by li bng c th thy thut ng ny) Doanh s nghip v th trng m qua cc nm n v : T ng Nm Doanh s mua Doanh s bn Tng doanh s giao dch 1.036.066 966.980 % so vi nm trc 260,1% S phin Doanh s bnh qun/phi n 2577 2939

2008 2009

947.205,900 966.880,460

88.859 100,162

402 329

21

2010 6 thng 2011

2.101.420,4 7.294,919 2.108.715 01 2.300.062 2.300.062

211,5%

491 241

3240 9544

Ngun : Ngn hng Nh nc Chnh sch v kt qu ca chnh sch nghip v th trng m. Nm 2008 S Giao dch NHNN t chc 402 phin giao dch TTM, tng 47 phin so vi nm 2007. Mua giy t c gi (GTCG) chim n 64,67% tng phin giao dch vi doanh s trng thu chim 91,42%. Khng ch tng s phin giao dch, doanh s giao dch cng tng k lc so vi nm 2007, trong ch yu l giao dch Mua c k hn (tng gp 15 ln so vi nm 2007). Trong khi , giao dch bn hn ch cn 76.837 t ng, gim 4,6 ln so vi 2007. Trong 6 thng u nm 2011 ni ring v giai on 2008 - 2011 ni chung, NHNN iu hnh ch ng, linh hot, hiu qu cng c nghip v th trng m. cng vi cc cng c chnh sch tin t khc, bc u kim ch lm pht v thc hin c hiu qu cc mc tiu khc ca CSTT. Lng tin cung ng v rt v ca th trng m c s phi hp cht ch vi cc cng c khc ca CSTT nhm pht tn hiu iu hnh CSTT. Cng vi th trng m, NHNN vn duy tr cc cng c khc ca CSTT nh chnh sch ti cp vn, d tr bt buc. Do vy, trong cc thi im c th, th trng m c iu hnh linh hot, gp phn to s phi hp cht ch vi cc cng c CSTT khc nhm t c mc tiu CSTT. S thay i li sut nghip v th trng m lm tng kh nng iu tit li sut th trng ca NHNN Vit Nam. S thay i ti 5 ln li sut nghip v th trng m trong 6 thng u nm 2011 th hin s bm st li sut th trng v vn ng cng chiu, phi hp cht ch gia li sut c bn, li sut ti cp vn, li sut th trng m, li sut lin ngn hng, li sut chit khu l c s cc ch th trong nn kinh t a ra quyt nh u t, sn xut kinh doanh ph hp... Cc hn ch ca nghip v th trng m

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iu hnh chnh sch v m nn kinh t thng qua chnh sch tin t yu km m c th l vic iu hnh chnh sch t gi c lc t gi do NHNN cng b xung 15.700 VND n 1 USD v trn th trng t do l VND/USD=15.500 trong thng 02/2008 nhng n ngy 27/05/2008 th mi chuyn hon ton ngc li t gi chnh thc do ngn hng nh nc cng b l VND/USD16.212 nhng trn th trng t do VND/USD=17.550. Danh mc cc GTCG c tham gia TTM cn hn ch bi i tng, k hn giao dch v t l % c giao dch gin tip lm gim tnh thanh khon ca th trng vn. NHNN cha xem xt vic thc hin cc giao dch hon i vi th trng lin ngn hng thng xuyn m ch giao dch trong thi k kh khn v thanh khon. Do vy cha khuyn khch c cc thnh vin giao dch thi hn di hn, vi khi lng giao dch ln hn trn th trng lin ngn hng. Giai on nm 2009- nay, NHNN cn gp nhiu kh khn trong iu hnh nghip v th trng m nhm kim sot lng tin cung ng, iu ny nh hng bi: Hot ng nghip v th trng m khng mang tnh bt buc, v vy, s lng thnh vin tham gia th trng mi phin cng khim tn: Chnh sch tin t a mc tiu kim sot lm pht, va h tr tng trng kinh t do vy, vic bm tin qua nghip v th trng m vn phi nm trong ch tiu lng tin cung ng tng thm c Chnh ph ph duyt. Do , phn no lm gim tnh ch ng trong iu hnh nghip v th trng m ca NHNN Vit Nam. D bo cung - cu vn kh dng ca NHNN i khi cha tht chnh xc. Sai s trong d bo thng khng ng u nn kh khc phc. Kh nng h tr vn kh dng cha p ng c yu ca tt c cc TCTD tham gia th trng. Cc TCTD quy m nh hoc cha quan tm, hoc iu kin tham gia th trng yu nn khng thng xuyn tham gia th trng. Do vy, khi thiu vn kh dng tm thi h phi vay trn th trng tin t lin ngn hng vi li sut cao, t gy xo trn trn th trng tin t. IV. GII PHP V HNG I TRONG NM 2012.

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Mc tiu c bn ca CSTT trong thi gian qua VN c bo m thc hin tng i hp l v c c nhng thnh cng nht nh.Tuy nhin, tip tc duy tr tt vai tr ca CSTT nh mt chnh sch KT v m ca nh nc,to s lnh mnh trong hot ng ti chnh ngn hng ni ring v s n nh lu di ca nn kinh t, vic thc thi v dn dn tng bc hon thin CSTT cn thc hin cc nh hng sau: Mt l, iu hnh linh hot v ng b cc cng c chnh sch tin t, m bo kim sot lng tin cung ng ph hp vi mc tiu kim sot tng phng tin thanh ton 14-16% v tn dng tng trng 15-17%. Hai l, v gii php iu hnh tn dng: NHNN ch o kim sot tng trng tn dng v d n mua tri phiu doanh nghip pht hnh ln u trong sut c nm 2012 ti a l 15-17%. Giao ch tiu tng trng tn dng i vi cc nhm TCTD trn c s xp loi TCTD ca C quan Thanh tra, gim st ngn hng v theo nguyn tc TCTD hot ng tt th mc tng trng tn dng cao hn nhm TCTD hot ng cht lng thp hn. Ba l, iu hnh t gi v th trng ngoi hi linh hot theo tn hiu th trng, ph hp vi quan h cung - cu ngoi t trn th trng, din bin cn cn thanh ton quc t v cc cn i v m; tip tc hon thin khun kh php l v qun l ngoi hi, khuyn khch xut khu, gim nhp siu, thu ht cc ngun tin u t, kiu hi,... t nc ngoi v nc, to iu kin tng d tr ngoi hi nh nc. Bn l, tng cng cng tc kim tra, thanh tra, gim st th trng tin t v hot ng ngn hng, kim sot cht ch cht lng hot ng ca cc TCTD, m bo an ton h thng trnh ri ro v gim n xu, n nh v lnh mnh ha th trng tin t, trc ht l th trng lin ngn hng, k c ni ngoi t, th trng vng. Nm l, trin khai ng b cc gii php c cu li hot ng ngn hng theo n c Chnh ph ph duyt vi nguyn tc khng xy ra v ngoi tm kim sot, tng bc nng cao tnh an ton, lnh mnh v hiu qu ca h thng ngn hng. Kin quyt x l dt im nhng ngn hng yu km, to iu kin thun li cho cc TCTD hot ng an ton, hiu qu pht trin. Su l, nng cao cht lng thng k, d bo phc v cho hoch nh v iu hnh chnh sch tin t. By l, lm tt cng tc thng tin truyn thng, a thng tin y , kp thi v cc gii php iu hnh CSTT v hot ng ngn hng.
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KT LUN Nh vy, qua s phn tch v bnh lun CSTT ca NHNN trong thi gian gn y, chng ta nhn ra vai tr rt ln ca CSTT trong nn kinh t. xt chnh sch tin t tt hay cha tt i khi phi xt gc ton x hi ch khng ch gc cc doanh nghip v NHTM. V CSTT ch c th t c mc tiu trong di hn nn chc chn rng nhng CSTT trong ngn hn s khng no p ng c tt c cc mc tiu v lm tha mn nhu cu ca cc NHTM cng nh ton nn kinh t. Tuy nhin, nhng phn ng kp thi v linh hot ca CSTT s l mt trong nhng cng c hu hiu iu tit nn kinh t trc nhng bin ng din ra hng ngy theo quy lut chung ca n. V thc hin iu hnh chnh sch tin t mt cch hiu qu trong thi gian tip theo NHNN cn rt ra nhng bi hc kinh nghim v phn ng th trng trc nhng s thay i CSTT v bm st hn na th trng pht huy ti a vai tr ca mnh. TI LIU THAM KHO:
Gio trnh tin t ngn hng HVNH Slide Th trng tin t - HVNH Gio trnh ti chnh tin t- H LXH www.Vnexpress.net www.Vneconomy.vn www.sbv.gov.vn Hanhchinh.com.vn - Tinkinhte.com

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