Công cụ lãi suất với kiềm chế lạm phát ở Việt Nam

KHOA NGAN HANG - BAO HIEM HUdNG Tdl KY NIEM 45 NAM HOC VIEN TAI CHINH ( So 10(63) - 2008 )

CONG CU LAI SU^T

VCtt KIEM CHE LAM PHAT 5 VIET NAM

Ths. Tran Thj Lan

Giang vien Khoa NH-BH

Van dung mdi quan he giua lgm phdt vd ldi sud't tin dung, Viet Nam ddsddung khd thdnh cong

cong cu ldi sud't dekiem che lgm phdt, khi nen kinh te'Viet Nam sau cupc ddi tien ldn 3 lgm phdt

tdng rdt cao vdi tdc dp phi md, ngdy 13/4/1989, NHNN quy dinh ldi sudt tien gdi tiet kiem khong ky

hgn 9%/thdng, ldi sudt ky hgn 3 thdng la 12%/thdng, vdi bien phdp ndy, mpt lugng tien ldn dd

dugc "hilt" vdo he thdng ngdn hdng, vd cudi ndm 1989 lgm phdt dVietNam gidm xudng con 2 con

sd. Do la thdnh cong ciia viec siidung cdng cu ldi sudt dekiem che'lam phdt trong thdi ky ddu ddi

mdi khi md mdc dp "md cua" cua nen kinh teViet Nam cdn thdp, he thdng ngdn hdng Viet Nam

ldc ndy Id he thdng ngdn hdng mpt cap.

Tir nam 1999 den nam

2001, tong cau suy

giam, nin kinh te' Viet

Nam cd dau hieu giam phat,

bang hang loat cac bien phap

kfch ciu trong dd cd thuc thi

chfnh saeh tiin te "ndi long",

kfch cdu tfn dung, tao dilu

kien thiic ddy tang trudng

kinh te, lam phit d trong tim

kiem soat. Ttr cudi nim 2004,

khi lam phit cd diu hieu gia

tang, NHNN thuc hien dilu

chinh theo hudng tang cic

loai lai suit co ban, lai suit tii

chie't khiu va Iai suit tii cap

vd'n. Cac loai lai suit do

NHNN cdng bd giii on dinh

suit trong ca nam 2006, tiep

tuc on dinh trong ca nam 2007

va thing 1/2008. Lai suit co

ban duy tri d miic 8,25%. Lai

suit tai cip vd'n la 6,6% va lai

suit tai chie't khiu la 4,5%.

Cudi nim 2007, lam phit d

Viet Nam ting dot bien ien

12,63%, lam phat thing

1/2008 tie'p tuc ting cao. VI

vay, ben canh cic cdng cu khic

nhdm "thdt chat" tiin te, tir

thing 2/2008, Thd'ng ddc

NHNN quye't dinh ting cac

loai lai suit nay, theo dd lai

suit eg ban tang ien

8,75%/nam, lai suit tai cap

vd'n tang ien 7,5%/nam va lai

suat tai chie't khau tang ien

6,0%/nam. Vao thdi diem nay,

rat nbilu ciu hdi dit ra la: tai

sao cac loai lai suit do NHNN

cdng bd hiu nhu khdng cd tic

dung hudng din thi trudng?

Tai sao trong khi cac loai Iai

suat ciia eic ngin hing chi

tang nhe thl lai suit thi trudng

lai tang ien ri't cao? Dilu nay

cd nghia la, cic NHTM hiu

nhu khdng cin cir vao miic lai

suit dd de an dinh lai suit huy

ddng vd'n va cho vay. Trong khi

dd, lai suit co ban do NHNN

cdng bd vl nguyen tic la lai

suit cho vay dd'i vdi khach

hang td't nhit cua cac NHTM

dugc lira chgn, chu ye'u la cac

NHTM Nha nudc va mdt sd

NHTM CO phan quy md Idn. Va

dieu nay tren thiic teda xay ra su

bit hgp Iy la: lai suit huy ddng

vd'n cua cac NH tang ien rat

nhieu so vdi lai suit eg ban, thdi

diem nay lai suat huy ddng cua

cac NH ldn de'n 12%/nam, lai

suat tren thi trudng lien ngin

hang tang cao, lai suit cho vay

tang theo ien de'n 15%/nam

tham chf 16%/nam, vi pham

quy dinh trong Bd luit Din su:

cac TCTD an dinh lai suit huy

ddng va cho vay bdng VND

"khdng dugc vugt qua 150% lai

suit CO ban".

Lan sdng tang lai suat huy dgng

vd'n tang cao, NHNN cd cdng

dien sd 02 yeu cau cac NHTM

khdng huy ddng tien giri tie't

kiem vdi Iai suat qua 12%/nam

va sau dd dudi su dong thuftn

cua Hiep hdi Ngan hang, trdn lai

suat tien giri giam xudng cdn

11%/nam. Trong dilu kien, khd

khan vl kha nang thanh khoan

tang cao, lai suit huy ddng bi

khdng che miirc tran, Iai suit tren

Tap chf nghien cdu Tdi chfnh ke todn