The State Bank of Vietnam holds a press conference on the banking sector's activities in Q1, 2023. (photo: dangcongsan.vn)

The information was released at the press conference on Friday on banking activities Q1 of this year.

In the first two months, the State Bank of Vietnam maintained the operating interest rates to stabilize the market amid growing increase of the global interest rates and inflation pressures in the domestic market.

Since March 15th, the State Bank has lowered interest rates.

The Central Bank has flexibly managed the exchange rates in line with the domestic and global markets to ensure smooth market liquidity and legal demands for foreign currency.

Pham Chi Quang, Director of the Monetary Policy Department, said: “Based on market developments, we have made prompt adjustments of Vietnam's financial market. The State Bank has made an early decision to reduce the interest rate, which was a very important step for the Government and the State Bank to control inflation and stabilize the macro-economy.”

Regarding economic growth target of 6.5% and inflation rate of 4.5% set by the National Assembly and the Government for this year, the State Bank aims to achieve the credit growth at 14-15% with appropriate adjustments in alignment with reality.