SBV cannot force credit institutions to reduce profits

At an online discussion at the National Assembly’s extra-ordinary session on January 7 on the draft Resolution on fiscal and monetary policies to support the socio-economic recovery and development program, State Bank of Vietnam (SBV) Governor Nguyen Thi Hong said that, under the law, the central bank cannot force credit institutions to reduce profits to cut interest rate costs, and that it will flexibly use other tools such as reserve requirements.