Thúc đẩy tăng trưởng và kiềm chế lạm phát giải bài toán lãi suất

Trong thdi gian gdn day, diin bi^n lai suat trgn ttij truong tien to dang tiep tuc thu hut su quan \M idn

ciia du luan, day dang duoc coi \i di' tai thdi so duoc han cai tai nhieu diln ddn, bdi vi nd lidn quan

true tiep den quyen lot ngudi gdi tien, ngudi vay von va cdc ngdn hdng thuong mai vdi tu cdch Id to

cliuc trung gian tdi chinh trong Idnh doanh tien te. Ve vi md, lai suat tdc ddng den tang trudng nen kinh

te vd gdp phdn kiem che lam phdt. Cdc nhd dau tu cung thudng xuydn theo ddi sdt van de ndy, ddc biet

Id dieu hdnh chinh sdch tien te cua Ngdn hdng Nhd nudc de quyet djnh ddu tu, vi cd lien quan true tilp

den loi nhudn ly vong khi ddu tu vdo co phieu cua cdng ty ndo dd hay NHTM cd' phdn.

Thuc Hay tang trifiiog va kiem che lam phat

Giai bai toan iai suM

P

han tfch didn bien thj trudng

lien tc cd the thay, tir sau Tel

Nguyen dan Canh Ddn cho

den nay, tlnh hinh vdn kha dyng

da dugc cdi Ihien dang ke. tien giri

trong eac Ngan hang thuc^ng mai

(NHTM), dac bidt la lien giri tidt

kidm eiia ngudi dan tang kha, mac

dii tfnh chung ca 2 thdng ddu nam

tidn giri vdn giam.

Song so sanh didn bien chung

ciia thj trudng hien nay vdi ciing

thdi didm nay nam ngoai. Thi each

day mgt nam lai suat tien giri tai

cdc NHTM giam manh. lai suat

gui ndi td ky ban 12 thang gidm

xudng chi cdn 8,59^ - 9%/nam

nhung vd'n huy ddng ciia eac

NHTM vdn tang kha. Nhung nam

nay lai sudt vdn d mirc cao nhu thdi

diem trudc Tet Nguyen Dan, nen

lien giri da tang kha. Nguyen nhan

tang chii ydu sau Tel nguyen dan

ngudi dan va doanh nghiep thu lien

ban hang trong djp Tel sau dd chua

sir dung ddn giri vao ngan hang

chir khdng phai do nhan to lai suat.

Hien nay lai sudt tidn giri ndi te -

Ddng Viet Nam d cae ky ban tir 3

tudn hay tir 1 thdng trd len ciia cac

NHTM deu d miic 10,4999^/nam,

lite gdn cham miic trdn gidi ban

theo thda thuan giira cac NHTM la

hgi vidn trong khudn khd ciia Hiep

bdi Ngan hang. Day cung la mirc

gidi ban theo chi dao ciia Ngan

hang Nhd nude (NHNN). Khdng

ehi cd vay, mdt .so NHTM cdn dp

dung cae hinh thii:e khuydn mai,

tang thudng ke ca bdng lien, bdng

lai suat va bdng hien \at ngay khi

giri lien, quay thudng.... ndn thyc

td lai sudt ma ngudi gui tidn dugc

hudng eao hon 10,4997f/nam. Tuy

lai sudt diing d mirc cao va luimg

tidn gui cd tang, nhung nhin chung

^ TS. HOANG SY KIM

Id tang cham. khdng dap ung dugc

nhu cdu huy dong vdn. nhu cau

cho vay ciia NHTM. Do dd nhidu

NHTM va khdng ft chuydn gia,

nha khoa hgc dc nghi gd bd Iran lai

suat huy ddng. Nhung nhieu

NHTM ciing bay td boan khoan, la

bd mii'c trdn lai suat dd thi cugc

chay dua tang lai sudt huy dgng

vdn se tang len den dau, lieu tidn

giri vao cac NHTM cd tang khdng!

Cau trd Idi la chdc chdn lai suat

tidn giri se tang kha. cdn vdn huy

dgng cung sc tang nhung tang rat

cham. hay tang rat cham va sau dd

la dimg lai.

Mdt ndi lo khac ddi vdi chi'nh

cac NHTM la. neu lai sudt tidn

giri tang thi lai suat cho vay thda

thuan va lai sudt cho vay trung dai

han cung phai tang theo, trong khi

NHNN giir nguyen mgt sd loai lai

suat chii dao va khdng giam ty Id

du trir bdt huge. Hien nay lai sua!

cho \ay thoa thuan va lai suat

trung dai ban da Uing len 17% -

18%/nam sau khi dd bd Iran lai

SO 13 (2751 K^ 14 201(1 • Thue Nhd Nuoc 25