Phương án tổ chức lại mạng lưới chi nhánh Ngân hàng Nhà nước.pdf

Phương án tổ chức lại mạng lưới chi nhánh Ngân hàng Nhà nước.pdf

I CI!Infuolli~11Mml1&~; cOnGCUCHlnHsnCHTIEnTC

M(,Jctieu cuoi cung cua chfnhsach VI mo 113dam bao slf tangtrlfC1ngben vCmg trong dieu ki~n6n dinh gia ca va Slf lanh mc;mhcua can can thanh toan quoc te.Them vao d6, vao nlla cuoi th~pky 90 (the ky 20), trao 111uIlfach9nml,lc tieu l<;:Im phat cho chfnhsach tien t~ (CSTT) dong thai Vdivi$c tim kiem co h(>itoi thi~u hoagia cac khoan n<;1Chfnh phu tranen ph6 bien D~ d<;:ltdl1<;1cdieu

TS To Kim Ng.,e *

nay, van de mau chat ma bat kyquoc gia nao a cac thai ky phattri~n cOng can quan tam 113thiet

I~p slf phoi h<;1p(vdi cac muc d(>

khac nhau) giG'acac chfnh sach VImo va d~c bi~t 113moi quan h~giG'a CSTT vdj chfnh sach taikhoa (CSTK), ma nen tang 113chfnh sach quan Iy n<;1cong Hi~nnhien 113hi~u qua cuoi cung cuacac giai phap dl1<;1cSlt dl,lng trongtlrng chfnh sach rieng bi~t b! anh

Bang 1: Cac giai do~n phoi hQp chrnh sach

B U'O'c1

£)~c di~m

- Th!trU'C1ngcong cl,lng Chfnh phu chU'aphat tri~n.

- B9i chi ngEm sachdLiQCtai trQ bai NgEInhangTrungLiang(NHTV).

Van de

- Thi trU'C1nglien NH vathi trU'C1ngthu caplT- billchLia phat tri~n.

- U3i suat bi ki~m soat.- CSTT dang sa d(,Jngcongc(,J tn,tc tiep.

Quan h~ giiia nQ

congva CSTT- Gia nQ cong bi chiphoi bai NHTU.- Sl,t phoi hQp chfnhsach dLiQC thl,tc hi~nqua m(>t chLiang trinhtien r(>ng nham giamgia nQ Chfnh phu vaduy tri m(,Jctieu CSTT.

B U'O'c2

D~c di~m

- ThitruC1ngtai chinhbat dau phat tri~n.- Lai suat dUQcquyetdinh bai thi truC1ng.- Ng Chfnh phu dugcbu dap thong qua th!

trU'C1ng tai chfnh.

- Cong c(,Jgian tiepbat dau dLigc sad(,Jng.

51! phoi hQp chinh

- NHTU thuc hien

ki~m soat to'ng mCtc

thanh khoan cua th!truC1ng.

- Sa d(,Jngchuclngtrinh tien du trLt d~th~ hien slf'dieu tietcua NHTU doi vdi th!truC1ng tai chfnhthong qua chi phoilai suat thi truong.

D~c di~m

- Thi tnJC1ngtai chfnhhi~u qua quyet dinh tfnhthanh khoan cua caccong c(,Jng.

- Lai suat do thi trLiC1ngquyet dinh.

- H~ thong cong c(,Jgiantiep cua CSTT dugc sad(,Jng pho bien.

- NHTU d(>c I~p va chud(>ng ki~m soat tien dl,ttrLt cua h~ thong.

51! phoi hQp chinh sach- Thi trLiC1ngtai chfnhnh'ilY eam vdi tac d(>ngcua CSTT.

- CSTT chi phoi th!truC1ngtai chfnh va vi theca cac nguon tai trgngEm sach Chfnh phu.- Sl,tphoi hgp khong chidU'gcthl,tc hi~n (j cap d(>the che ma (j ca dieuhanh hang ngay \

-sT~ 011NcANMNC 801 + 2 NAM2006

hl1ang bai tac d(>ng qua l<;:Ii giG'a

hai chfnh sach d6 Va vi the, thieuslf phoi h<;1phi~u qua co th~ keotheo slf thieu 6n dinh tai chfnh mabi~u hi~n 113nhG'ng dao d(>ng

m<;:lnhcua lai suat, ty gia, muc

l<;:Imphat va vi the ma pha huynen tang cua tang trl1ang kinh te.Tuy v~y, day khong phai 113m(>tnhi~m vl,l don gian bai ban thanCSTT va CSTK doi hoi m(>t Slfd(>c I~p nhat dinh, chung dU<;1cthiet ke va thlfC hi~n bai cac thlfCth~ dieu tiet khac nhau ve cackhfa c<;:lnh: ml,lc tieu trlfc tiep,nguon IlfC, cac gidi h<;:ln Den111c;1tn6, dieu nay l'ili phl,l thu(>cvao d~c di~m cua tU'ng quac gia.(Xem bang 1).

NHlrNSTAc DONGQUA~I GlfrACSTTvA CSTK

Cot 16i cua Slf tac d(>ng naythe hi~n a moi quan h~ giG'ahanhvi tai tr<;1nguonb(>ichi ngan sachva chfnh sach quan Iy tien t$ Tinh tr<;:lngcua CSTT 58 anhhl1ang den kha nang bu dap thieuhl,lt ngan sach thong qua chi phoitdi gia cua cac khoan n<;1Chfnhphu cOng nhl1 qua kha nang mar(>ng hay h<;:lnche nguon van tai

tr<;1 Ngl1<;1c Ic;ti, muc d(>, tan so vaco cau nguon tai tr<;1Chfnh phuchi phoi slf d(>cI~p cua CSTT.

C6 the giai thfch moi quan h$chi phoi nhau giG'ahai chfnh 5achqua d~ng thuc don gian phan anhnguon bu dap thieu hl,lt ngan sach

.HQc vi$n Nganhang

43

CClliDfu~~~ ~

O(t) = [B(t) - B(t-1)] + [ M(t) 1)]

-M(t-Trong d6, O(t) la b9i chi ngansach, B(t)- B(t-1) la ILf<;1ngtraiphieu Chinh phu phat hanh trongcung giai do~m, M(t) -M(t-1) tienTrung Lfdng phat hanh cho Chinhphu yay D~ngthuc nay cho thayrang thieu slf phoi h<;1pchinhsach, c6 th6 xay ra 3 trLfdng h<;1pvCii nhCrngyeu cau phoi h<;1pvaket qua phoi h<;1pkhac nhau phl,Jthu9c vao: i! NHTU giCrvai tro chiphoi; ii! B9 Tai chinh giCrvai trochi phoi hay iii! NHTU va B9 Taichinh hoan toan d9c I$p vCijnhau.R6 rang slf phoi h<;1pchinh

sach la rat can thiet d6 t.;w nen

m9t tlnh huang thu 4, theo d6 cahai chinhsachdeu d<;:ltdLf<;1Cml,Jctieu dieu tiet cua chung, dong thdivCiivi~c t<;:lOnen m9t thi trLfdng taichinh tlch ClfC, giam gia n<;1congdieu chlnh Cd cau n<;1va dam baotfnh d9c I$p cua CSTT.

Nhftngkhia c~nh anhhu'dngcuaCSTTd6ivOiquanly m;1 cong

Thl}ttr?ng CSTT

M9t CSTT ma r9ng, ch~ngh<;:ln,S8 lam giam gia yay n<;1chinh phu do giam ap IlfC cua laisuat Tuy v$y, dieu nay c6 th6

dan tCii Cd h9i tang muc b9i chi

ngan sach va l<;:Imphat, lai suatdanh nghTatang len, ngLfdi dau tLfchiu dlfng rui ro l<;1ivan (capital

loss) va VI the, yeu cau muc lai

suat tang them nham bu dap ruiroo Gia n<;1tang, den ILf<;1tn6, h<;:ln

che muc b9i chi NgLf<;1Cl<;:Ii,m9t

CSTT that ch~hS8lam tanggiacac khoan n<;1Chinh phu, tam Iy 10s<;1rui ro l<;1ivan S8 gay suc ep lam

tang lai suat thi trLfdng va cuoicung anh hLfang tCiit6ng cau, anh

hLfangtCiimuc tang trLfang va m9t

muc b9i chi tang them trongtLfdng lai.

Tuy nhien, qua trinh nay neudien ra trong dieu ki~n c6 Slf phoih<;1pvCij m9t CSTK h<;1pIy thinhCrng d9ng thai cua CSTT S8khong dan tCiiky vQng rui ro l<;1ivan va vi the, m~t bang lai suatkhong bi anh hLfang bai phan ungday chuyen cua ngLfdi dau tLf, thitrLfdng tai chinh n9i dja 6n dinh..

Cong ct,l CSTT

DoivCii nghi~p Vl,Jthi trLfdngma, vi~c Ilfa chQn cong cl,J (Tinphieu Kho b<;:lchay Tin phieuNHTU) va hinh thuc giao dich (thitrLfdng Sd cap hay thu cap; giaodich h~n hay giao dich c6 hoanl<;:Ii)cua NHTU S8 anh hLfang trlfctiep tCii gia va quy mo cua cackhoan n<;1congo Vi~c Ilfa chQn naytuy thu9c vao d~c di6m cua thi

trLfdng tai chinh va muc d9 phoi

h<;1ptrong dieu hanh giCraCSTTva CSTK Cach Ilfa chQn tot nhatla NHTU thlfc hi~n nghi~p vl,JthitrLfdng ma vCii cong cl,Jtin phieukho b<;:lCva qua thi trLfdng thu captrong khi Chfr\h phu'ban tin phieutren thi trLfdng Sd cap Dieu naylam cho ca hai chfnh sach deud<;:ltdLf<;1cml,Jc tieu m9t cachdongthdi; CSTT c6 cong Cl,Jd6 thlfchi$n dieu tiet thLfdng xuyen tlnhtr<;:lngtien t~ trong khi Chfnh phubu dap cac khoan thieu hl,Jt kipthdivCijgia ca h<;1pIy bai tfnh longcua cong Cl,JdLf<;1Cdam bao quathi trLfdng thu cap.

Tuy v$y, neu thieu yang thitrLfdng thu cap, ca hai phai cunggiao dich tren thi trLfdng Sd cap,theo d6, NHTU phat hanh congcl,J n<;1rieng cua n6 trong khiChinh phu phat hanh tfn phieuKho b<;:lccho ml,Jctieu cua minh.Trong dieu ki~n nay, kha nangphoi h<;1pchfnh sach rat kh6 d<;:ltdLf<;1C,th$m chi c6 th6 dan tCiic<;:lnhtranh lai suat giCra2 chu th6vi ml,Jc tieu lai suat khac nhau.

Ket qua la gia van yay cua ca haideu bi d~y len.

Doi vCij chfnh sach tai chietkhau, NHTU san sang chiet khaul<;:Iichung khoan Chfnh phu ho~cchap nh$n la tai san cam co chocac khoan tai cap van Day 1<3dieu ki~n lam tang tlnh thanhkhoan va vi the ma tang nhu caudoi vCiicac cong cl,Jn<;1,g6p phanlam giam gia cac khoan n<;1Chfnhphu Day la hinh thuc tai cap vancho nhCrng ngLfdi sa hCruchungkhoan Chfnh phu, tac d9ng giantiep tCiithi trLfdng trai phieu Chinhphu dong thdi khong anh hLfangtCiiILf<;1ngMB Tuy v$y, neu NHTUcap tin dl,Jngtrlfc tiep cho nhu cauchi tieu Chfnh phu (dLfCiicac hinhthuc ma ph6 bien la thong quanhu cau yay theo chi dinh cuaChinh phU) S8 anh hLfang tnjctiep tCiiILf<;1ngMB cua nen kinh 18va t<;:lOnen slf bi d9ng trong dieuhanh CSTT.

Doi vCiichinh sach dl! trCrbatbU9C, tuy thu9c vao cd che quanIy dlf trCrbat bU9Cbinh quan; dambao ty I~ dlf trCr yeu cau hangngay (contemporaneous basis)hay binh quan trong m9t giaidO<;:ln(laggedbasis) (doivCii hinhthuc nay can tuy thu9c vao thdigian cua m9t giai dO<;:lnngan haydai), muc d9 bien d9ng cua

. khoan ngan quy cua cac t6 chuctfn dl,Jng (TCTO) S8 khac nhau.Muc d9 bien d9ng ngan quy cangICin, nhu cau nam giCrtin phieukho b<;:lccang tang khi n6 c6 khanang chuy6n hoa nhanh ch6ngsang tien m~t nham dap ungdong thdi nhu cau thanh khoanva nhu cau dlf trCrbat bU9C.

d6i vOi CST'I'

Mlicd9dU' nCf Chfnh phu

cling va; ty I~ tang cua no gay

ap life do'; vailiii suittthj

trLlCing, dongthCii lamchonhi~m v~ quan Ii tien t~ treYnenphUt tEflp.

MUc dQ tram trQng cua nc;1Chfnh phu la ham so cua quy mon~,thoi h9n binh qUEmcac khoann~ va ty 1$giG'amUc tang lai suatvdi GNP MQt ty 1$nc;1Chfnh phutren GNP cao la chi s.o cua tinhtr,?,ngtai chfnh khong lanh m9nhva lam giam sut mUc dQ tin c~ycua thi trLtong Van de nay bikhuyech trLtdng khi thoi h9n binhquan cua cac.khoan nc;1c6 xuhUdnggiam xuong va ty 1$tai trc;1tcr NHTV tang IEm, lam suy yeukha nang thlfC hi$n ml;!c tieu cuaCSTT Giai phap cho van de nayla thlfc hi$n Slf dieu chlnh ngansach nham lam giam ganh ni;ingn~ Chfnh phu dong thoi vdi vi$ctranh sa dl,)ng nguon vay NHTVcho bQi chi ngan sach hoi;ic pMthanh trai phieu mang tfnh b~hbUQc.Dieu nay se giup cho vi$ctheo du6i ml,)c tieu CSTT thu~n

Tinh trEflng quanIi nt;1 congco the anhhu'i1ng tai nhu cautien t~ theo mgt so hU'ang.

Trudc het, viec Sd hG'u chUngkhoan Chfnh phu c6 th~ gay nenhi~u Ung tai san cho nhu cau lieudung, vJ the, lam tang nhu cautien thlfC te Mi;it khac, vdi tfnhlongcao va an toan, chUng khoanChfnh phu ngan h9n thay the khahoan hao cho so dLttien t$, vi the,c6 th~ lam giam nhu cau nam giG'tien Cuoi cling, mUc dQ nc;1Chfnhphu c6 c6 th~ &in tdi ky vQng vem('>tmUc 19mpMt trong tLtdng lai,dod6, giam nhu cau nam giG'tien.

Ca cau n9' Chinhphu phananh qua thoi h9n cac khoan nc;1vanguon goc nc;1;tlr thj trLtong trongnUdchay tlr thi trLtong nLtdCngoaicOnggay anh hLtdngtdi CSTT.

Neu thoi h9n cac khoan nc;1Chfnhphu dLtc;1Cthiet ke da d9ng ch9ysuot dLtong cong lai suat se giupcho hi$u Ilfc tac dQng cua CSTTdLtc;1Cchuy~n tai rihanh ch6ng tdiml;!c tieu cua n6 qua kenh laisuat Th~m chf ngay ca trongdieu ki$n thj trLtong bi phan cach,vi$c tham gia giao dich cac congcl;! nc;1vdi thoi h9n khac nhaucOng giup CSTT lam thay d6itUng bQ ph~n dLtong cong laisuat, vi the ma anh hLtdngtdi tUngbQ ph~n thi trLtong tai chfnh.

Mi;it khac, ty 1$nc;1tlr thj trLtongtrong nLtdc so vdi nLtdCngoai seanh hLtdng tdi muc tang trLtdngMB va vi the tdi lai suat ap dl;!ngtrong cac h09t dQng tien t$ cuaNHTV.

Ngoai ra, bien dgng cua taikhoan ngan sach tEfliNHTU' anh

hLtdng Wi slf bien dQng nhu cauvan kha dl;!ng cua nen kinh te maNHTV c6 nghia vI;! dieu chlnh.Thieu ke h09ch hoa thu chi ngansach cOng nhLt thong tin thLtongxuyen giG'aCd quan quan Iy ngansc3chva NHTV se gay kh6 khancho vi$c dlf bao cung cau vankha dl;!ng va lam sai I$ch cacquyet dinh dieu chlnh thLtongxuyen ILtc;1ngvan kha dl,)ng trongnen kinh te thong qua nghi$p VI,)thi trLtong md.

Tuy v~y, mUc dQ anh hLtdngI~mnhau va tdi thi trLtong tai chfnhcua CSTT va CSTK can phI;!thuQc vao cd che ty gia cOng nhLtmUc dQ md caa th! trLtong taichfnh Theo d6, trong mQt Cd chety gia linh h09t vdi mQt mUc dQmd caa nhat djnh cua tai khoanvan, dam bao hi$u IIfC tac dQngcua CSTT m9nh hdn CSTK va viv~y, yeu cau muc dQ phoi hc;1Pkhc3cvdj trLtong hc;1PCd che ty gia

co dinh.

NhLt v~y, yeu cau phoit:Jc;1P

(()lrninnTln~~~ ~

cOnGCIJCHlnHSACHTIE" TCchfnh sach la tat yeu, nhung mUcdQ phoi hc;1Pchfnh sach can phI,)thuQc vao ban than slf v~n hanhcua tlrng chfnh sach va cac yeu tokhach quan lien quan tdi mUc dQphat tri~n thi trLtong tai chfnh,tLtdng quan chi phoi thi trLtonggiG'a CSTK va CSTT, Cd che tygia va mUc dQ md caa thitrLtong

- Phoi hc;1Pve ml;!c tieu chinhsach M~c du m6i chfnh sckh c6ml;!c lieu tnfc tiep khac nhau, sadl,)ng h$ thong cong cl,) rieng;CSTK sa dl,)ng cong Cl,) thue,chfnh sach chi tieu va quan Iy nc;1Chfnh phu, c6 kha nang tac d('mgtrlfc tiep vao ml;!c tieu, trong khiCSTT sa dl,)ng h$ thong cong cl;!gian tiep dlfa tren cd Sd thj trLtongnhung cuoi cling, ca hai deunham d9t dLtc;1Ccac ml;!c tieu vimo thong nhat dLtc;1Cquydjnhtrong Lu~t Ngan sach va Lu~t

NHNN " nham thlfc hi$n congnghi$p hoa, hi$n d9i hoa datnLtdc, dap Ung yeu cau phat tri~nkinh te xa hQi, nang cao doi songnhan dan, bao dam an ninh quocphong" N6i cach khac, ml;!c lieu6n djnh gia ca (cua CSTT) haycac dieu ki$n can bang thj trLtongcOng nhLt Cd cau kinh te chfnh lanen tang cho cac ml;!c tieu vi mo

(IThfm!ln~ 11Mm~ ~

cOnGCli CHlnHSACHTlEnT~

toan ngan sach bao gom dl,l'toan

tong thu, tong chi, muc b('>ichi va

nguon bu dap SI,I'phoi hc;Jpnay

NHNN trongvi~c phoi hc;Jpvdi B('>Tai chinh xay dl,l'ngchien 1l1c;Jc, ke

nl1dC, xay dlJngphl1dngan yay budap thieu hl,lt ngan sach nhanl1dC, t9m ung cho NSNN trongnam tai chinh.Tl1C1ngtl,l', B('>Tai

NHNN trong vi~c xay dlJng chinhsach tai chinh tien t~ quoc gia, dl,l'

kien tong muc t9m ung cho ngan

sachtrongkhuonkho CSJT

yeu cau phoi hc;Jp chinhsach la

cua Chinh phu trong xay dlJng vadieu hanh CSTT la kha ro (Dieu 1

- Dieu 4, Lu~t NHNN).

chinh sach H~ thong cong c~CSTTdl1c;Jc v~n hanh thOng qua

sa dl,lngcac cong cl,lnc;J cua Chinhphu (Dieu 17, Dieu 21, Lu~tNHNN va Lu~tsaa doi,bosungso

19/2003/L-CTN) Ben c9nh d6, dgdl,l'bao nhu cau von kha dl,lng choyeu cau dieu hanh CSTT, Kho b<;lcc6 nghTavl,l cung cap thong tin vedien bien thu, chi ngan sach(Dieu

4 va Dieu9 Quy che quanIyvonkhadl,lng so37/2000/QD-NHNN).

nhi$m lam d9i Iy phat hanh traiphieu Chinh phu va lam cac dichvl,l ngan hang cho Chinh phu(Dieu 5, Lu~t NHNN).

Thl/C tr?ngpho,h{1p chinhsach

- Cham dLrt sadl,lng cung (fng

tien MB cho nhu cau chi lieu ngansach bat dau tlt nam 1992c6 hi~u

qua kep: t90 CC1s6 de NHNN cothe chu d('>ngdieu tiet 1l1c;JngMS,nhung m~t khac, lad('>ng Il,I'c chothi trl10ng trai phieu Chinh phuphat trien Dieu 32, Lu~t NHNNsaa doi kh~ng dinh ml,lclieut<;lmung nham dap Lrngnhu cau thanhkhoan cua ngan sach va khoantin dl,lng nay phai hoan tra trong

nam ngan sach NhLrng can cCt

phap Iy nay the hi~n quandigmh9n che sl,l' chi phoi cua Chinhphu doi vdi ml,lc lieu cung Ltng

tien cua NHNN (Xem biffu (161

va 2)

Trong thl,l'C te, cac nhu caucung ung tin dl,lng tlt NHNN chocac ml,lc tieu chi djnh v~n tiept~cdl1c;Jcduy trl thong qua vai tro cuacac ngan hang thl1C1ngm~i46

T~ cfti NGAN!fANG- 86 1+2 NAM2006.

Bi~u do 1: Lu'qng chUng khoan Chfnh phu phat hanhtll 2000.2004

Bi~u do 2: Doanh so cho vay tai cap von tll 2000.200514000

100000Z 8000>~ 6000

200020012002200320046th 05

IIINHQD.NHCP0 NHLD-NHNg[J t6ng56

(NHTM)cho den nay, nhlfllgdang co xu hLtanggiam

m'ilnhtlt dau 2004 sau khi thanh I~p NHCSXH va

khoi cac khoan vay thLtelngm<;li.Chien ILtgctai CC1cau ngan hang nham ml;!ctieu tang cLtang nang hfcc'ilnhtranh va lanh m<;lnhhoa Bang can doi tai sancua cac NHTM (d~c bi~t la NHTM NN) cOng bu(>ccac NHTMphai quan tam heln den chat ILtgngdLtng

tin dl;!ng,tlch cl!c thu ng, tim cac hinh thuc d~ giai

quyet ng ton d9ng va vi the lam lanh m<;lnhhoa kenhcung Ung tien chu yeu cua NHNN.

- Phoi hgp dau thau tin phieu kho b<;lcvai NHNNva bao lanh phat hanh trai phieu chfnh phu qua

NHTM va cac TCTD khac, t<;lOhang hoa cho m(>tsogiaodich thu cap thong qua sa dl;!ngh~ thong congCl,JCSTT.Tfn phieu kho b<;lcla hang hoa chu yeutronggiao dich nghi~p vI;!thi trLtangmd, nghi~pvI;!taichiet khau va la v~t the chap trong cho vay camco Chung 10<;liva thai h<;lnchUng khoan Chfnh phual1gcchap nh~n trong cac giao dich cua NHNNdUQc mo fqng theo Bi€u 21 Lu~t NHNN saa d5i.

~b~ ~n~"'\~,,~o,U'i me.~\a.oa\cncua.'N.~'N.'N a.6,,~

thdi da d<;lnghoa doi tLtgngtham gia cac giao djchnay, cai thi~n hi~u Il!c tac d(>ngcua CSTT.

- SI!phoihgpthongtindieuhanhhangngaygiG'a

cOnGCli CHlnHSACHTltn TC

BQ Tai chfnh va NHNN da dLtgc thljC hi~n tlt nam

37/2000/QD-NHNN, thl!c sl! giup cho NHNN co th~thiet I~p cel che quan Iytien t~ theo chl1e1ngtrinh tiendl! trG' M~c du thong tin chLta c~p nh~t bdi SI! h<;ln

che trong cong tac ke hO<;lchhoa hO<;ltdQng thu chi

ngan sach tltng thai kyva celche cong bo thong tin

giG'acac BQ,nganh chLta dLtgcthiet I~p nhlfllg thl!cte ph6i hgp trong hO<;ltd(>ng dieu hanh chfnh sachhang ngay dang dan t<;lOnen mQt kenh thong tingiG'ahai BQ,dong thai t<;lOdieu ki~n chuEin hoa nQidung thong tin va vi the ma gap ph an gan ket haichfnh sach d tam dieu hanh.

Nhfmg van d(§'nay sinh trong quan h~ phoihC!fJchinh stich

M~c du Sl! phoi hgp chfnh' sach da dLtgc thl!c

thuc SI! phoi hgp nen tang d tam th~ che ho~c dtam dieu hanh hang ngay con thieu hi~u qua, th~mchf cac cong cl;!chfnh sach th~ hi~n sl! c<;lnhtranhIan nhau gay nen sl! mau thuan giG'acac ml;!ctieuchfnh sach Nhling van de n6i b~t 113:

- CSTT khong co kha nang chi ph6i lai suat cua

cac cong CII ng Chinh phu Trong nhling thai ky

cang th~ng ve von, lai suat trai phieu Chfnh phu

trai phieu ngan hang cung ky h<;ln.Vao nhling thCli

kynay, nhG'ngthay d6i mang tlnh dinh hLtangcua h~thong lai suat chi d<;locua NHNN thLtang di saunhling dien bien cua thi trLtangtin dl;!ng,den ILtgtno,

m~t bang lai suatl<;Iibj chi phoi bdi 4 NHTMNN.Coth~ hinh dung, lai suat thj trLtClngbi hai luong quyen

Il!cchi ph6i: lai suat vay cua Chfnh phu va lai suathuydQngvon (va do do, lai suat cho vay) cua cacNHTM quoc doanh (chiem tai 80% thi phan tien gUiva tin dl;!ng) SI! c<;lnhtranh lai suat nay se co taco .

dl;!ngdElYm~t bang lai suat len cao, tri~ttieu nhlingco gang d~ co m(>tgia von dau tLt hgp Iy cho tang

Dothi 1:Di~nbienlaisuatCdbimvataicapvon2000-2005E10

- 8

;ft.;;6~

- SL/ phoi h<;Jpthi trl10ng giaodich chtJngkhoan

Chinh phu vai giao dich cJi~u hanh CSTT chl1a thL/chi{!n cJl1<;Jcboi phan Ian chtJng khoanChinhphu tont?i 0 thi trl10ngso c{ip Dieudang quan tam la, tytrQngIdn trai phieudLf<;1Cphat hanh qua hinh thUcblm lanh va doi tac chil yeu 113cac NHTMNN da lamcho cac chu chuyen van tren thi trLfdng long vongqua khau trung gian lam tang gia van vay cila Chfnhphil dong tMi lam giam hi$u hfc dieu tiet cila h$thong cong cl,] CSTT Xet 6 goc d9 nao do, vi$c cacNHTM gam giCrtrai phieu Chfnh phil dai h9n trenbang can doi da bien h$ thong ngan hang thanhkenh cung Ung van bu dap b9i chi ngan sach Dieunay m9t m$t h9n che kha nang phat trien thi trLfdngthu cap (ban Ie) trai phieu Chfnh phil, m$t khac, dingLf<;1c19ichu trLfong tach b9ch cac khoan tin dl,]ngchfnh sach ra khoi tfn dl,]ng thLfong m9i.

- SL/phoih<;Jptrang cJi~u hanh chl1a cJl1<;Jcquan

.tam th~t sL/ khi thoi ha,n cua tral phieu Chinh phu

con thieu cJad?ng; tin phieu kho b9c co thdi h9n chilyeu 113364ngay,trong khi trai phieutrung va dai h9nthdi h9n chu yeu 1135 nam, cac thdi h9n 15 - 20 namrat hiem Ly do chu yeu 113do van de chi phf khi phathanh tin phieu kho b9c vdi cac thdi h9n ngan va khanang ke ho9ch hoa sa dl,]ng van cua ngan sachcung vdi tam Iy thieu tin c~y cua thi trLfdng doi vdicac chU'ngkhoan dai h9n noi chung va chung khoanChfnh phil noi rieng Hon nCra,doanh so phat hanhtrai phieu mei d<;1tnho c9ng vdi tan so phat hanhkhong thong nhat gay nen Sl/ manh mun cila thitrLfdng trai phieu, giam d9 hap dan doi vdi ngLfdi dautLf, vi the ma anh hLf6ng tdi kha nang can thi$p cilaNHNN qua nghi$p vl,] thi trLfdng m6.

- M(JcdiJ lai sUERti~n gUi va cho vay VND cJa

cJl1<;JctL/do hoa dl1ai hinh thac thOB thu~n, nhl1ng laisuat cJau thau trai phieu Chinh phu v~n bi khong che

tran. MUc lai suat trung thau Cl,] the cila tCtng d<;1tphat hanh 113do ket qua khdp thau, phan anh quan

h$ cung cau VaG thdi diem do nh.Lfngkhong dLf<;1eVLf<;1tqua lai suat tran quy dinh D$c diem nay lam

cho mUc lai suat dau thau trai phieu doi khi khong

phan anh chfnh xac quan h$ cung cau vi co nhieuphien giao dich so ILf<;1nggiao dich thua xa so ILf<;1ng,dl/ kien do lai suat khong che va nhu cau cila nha i,

dau tLf khong dLf<;1Cdap U'ng,vi$c giao dich cac lo,?ijtrai phieu nay tren thi trLfdngthU cap vi the bi h,?nf

che Kha nang hinh thanh m9t dLfdng cong lai suat I

chuEincho dl/ bao va dieu hanh CSTT noi rieng, lam!

can Cll dg dimh gill [ui ro va hinh thanh mllCbu dap I

rili ro cho cac cong n<;1khac khong thl/C hi$n dLf<;1e,

- Chl1a co sL/ phoi h<;Jptrang vi{!c ho?chcJinhI

ml,lctieu chinh sach 0 tam dai h?n va trangngfm i

h?n Vi$c dinh ILf<;1ngcac ml,]c tieu ve 19m phat va I

tang trLf6ng thLfdng dl/a VaG muc da d9t dLf<;1Cnam ftrLfdcma ft.co sl/ dl/ bao nhCrngbien d9ng trong ky !ke ho9ch cOng nhLf nhCrnganh hLf6ng tn~ cila chfnh I

sach trong cac thdi ky trLfdc HOn nCra v!$c an dinh!ml,]c tieu 6 m9t chCrso ma khong quy dinh khung I

bien d9ng trong dieu ki$n day bien d9ng S8 gay nen !Sl/ thieu tin tLf6ng doi vdi cac cam ket chfnh sach t

B6i khong the dong thdi theo du6i 2 ml,]c tieu tn3i ,chieu nen vi$c xac dinh va cong bo ml,]ctieutrQng I

tam trong tCtngtMi ky can lam thLfdngxuyen va nhat f

quan nham dinh hLfdng h09t d9ng cho tung chfnh i

sach Tren co s6 do, cac h09t d9ng cila tCtngchfnh i

sach can co sl/ phoi h<;1pnham d9t dLf<;1Cml,]ctieu I

thdi ky ma khOng phLfong h9i den ml,]c tieu dai h9n !

Trong thl/C te, Chfnh phil keu gQi kiem che gia ca !

nham duy tri ml,]c tieu 19m phat nhLfng mUc vay n<;11cila Chfnh phil kh6ng giam, dLf n<;1cho vay cila h~thong quy he tr<;1phat trien khong ngU'ngtang c9ngvdi d<;1tdieu chrnhILfongVaGthdi diemdau quy IV ratnh9y cam thl/c sl/ 113cu hfch dElYm$t bang gia mladau thang 10 tang rat nhanh Anh hLf6ng Ian truyencila tinh tr9ng nay 113m$t bang lai suat bi dElYlen,c9ng hLf6ng b6i nhu cau huy d9ng van cila caeTCTD dap U'ngnhu cau tin dl;mg tang m9nh VaGcueinam do apIl/ccua ty 1$tang trLf6ngma Quoc h9i dera Lai suat cao cung vdi cac quy che that ch$t vi~ekiem soat chatILf<;1ngtfn dl,lngcila h$ thongnganhang S8 lam cho nhu cau dau tLf giam tLfong dei,

trong khi muc lai suat cao 19ikh6ng giam dLf<;1Cty I~19mphatb6i nguyen nhan chil yeu xuat phat tu phfa

t6ng cung; gia nguyen li$u the gidi, co cau, hi~u

qua '\

T.\P CIIi NChNII!.Nc - &5 1+ 2 NAM2006 I

CIThfufu~11Mm1» @iconGCUCHlnHsnCHTlcnIt

ve' khia cf!.nh the chtt

- T?o cho NHNNmQt ca che ho?tGQng chuc19ng.

Ca CSTT va quan Iy nc;1 cong deu sa dl,mg nentang thi truong nen giiia chung din c6 SIf dQc I~p vechLtc nang va tnkh nhi$m Mue- dQ dQc I~p cuaNHNNcan~phu hc;1PVdi the che chfnh tri cua Vi$tNam nhung tuan thu nguyen tac la ta9 cho NHNNm(>tslf chu dQng nhat dinh trong dieu hanh chfnhsach ma khong bi chi phoi bai cac ap IIfC chfnh trianh huang tdi ml,lc lieu CSTT Day cOng la xu thechung cua NHTLJ tren the gidi Cung vdi trao lvunay,vi$c theo du6i chfnh sach dan ml,lc tieu nham6n dinh gia ca dang tra nen ph6 bien khong chi acac nUdc phat trien ma ca a cac nUdc chuyen d6i.Vi~c cam ket vao ml,lc tieu 6n dinh gia ca se chophep NHNN thlfc slf dQc I~p va dam baa SIf phoih<;1pvdi CSTK hi$u qua han Ben c~nh d6, can c6cac giai phap Cl,lthe thuc d~y SIf phat trien cua thjtrvC1ngthLt cap trai phieu Chfnh phu nham t~o nentang chuyen h~n nhu cau bu dap bQi chi ngan sachsang hJnh thuc nc;1cong, giai ph6ng NHNN khoinghiavl,l cung ung tfn dl,lng trlfc tiep cho ngan sach.Song song vdi chung, can tang cuong hi$u quaquanIy ngan sach theo hUdng h~n che bQi chi ngansach, giam ap Ilfc nhu cau von cua Chfnh phu doivCiithi truong von trong nUdc, c6 the d~n tdi hi$u ungthoai lui dau tu:

- ThiefI~p moi quan h~ giiJaNHNN va Kho b?c.

Neu can cU vao nhi$m vl,l quan Iy nc;1cong, kho

b<;1c thay m~t Chfnh phu khai thac cac nguon von budap chi tieu ngan sach trong khi NHNN h09t dQngvCijtv cach d9i Iy phat hanh trai phieu Chfnh phu.HO<;1tdQng nay d~n tdi yeu cau phoi hc;1Pnhung dolkhi dan tdi cac mau thu~n khi chUc nang quan Iy nc;1congIan at chUc nang quan Iy tien t$ cua NHNN.Khithi truong cac cong cl,l nc;1Chfnh phu ngay cangphat trien, can thiet phai hJnh thanh cac chUc nangquanIy nc;1cong chuyen nghi$p vdi cac nhi$m vl,l: dlfbao va ke h09ch hoa nhu cau cOng nhu nguon budap nc;1cong; chuc nang phat hanh va marketing,quim Iy so du ngan sach, quan Iy du nc;1Chfnh phu,chLtcnang tu van va ke toan Cac chuc nang naycan duc;1cphan cong hc;1PIy giiia kho b~c, BQ Taichfnh va NHNN thong qua mQt t6 chuc dau moi c6nghiavl,lt6 chuc trao d6i thong tin thuong xuyennham thao lu~n phan tfch ket qua cOng nhu anh

T,wctliNcAN!fANC- 60 1+ 2 NAM2?O6.

huang cua cac dc;1tphat hanh; quan Iy thanh khoan,xem xet phoi hc;1Phi$u qua giiia ml,lc tieu quan Iy nc;1Chfnh phu va ml,lc tieu quan Iy tien t$ T6 chuc nay(hay c6 the 99i la uy ban phoi hc;1P)rat quan tr9ngdoi vdi cac quoc gia a giai d09n dau cua thi truC1ngtai chfnh nhu Vi$t Nam.

akhiacf!.nhditiluhimh chinh slich

SIf phoi hc;1Pchfnh sach a tam vi mo thong quamQt chuang trJnh tien t$ se giup h9n che Slf khongphu hc;1Pgiiia hai chfnh sach Chuang trJnh tien t$(monetary program) la mQt khung chfnh sach nham

thiet ke mQt ca che dieu chlnh cua CSTT nham d9t

duc;1cml,lc tieu quan Iy tien t$ trong mQt khoang thoigian nhat dinh c6 tfnh den nhiing tac dQng qua 19igiiia CSTT va CSTK Chuang trJnhtien t$ nay c6 thegan Vdi vi$c kiem soat IUc;1ngtien rQng (trong dieuki$n sa dl,lng h$ thong cong cl,l CSTT trlfc tiep) ho~cgan vai vi$c kiem soat IUc;1ngtien dlf trii (trong dieuki$n sa dl,lng h$ thong cong cl,l gian tiep) Vi$c xaydlfng chuang trJnh tien t$ bao gom tU vi$c xac dinhml,lc tieu dieu hanh, ml,lc tieu chfnh sach cho tdi xaydlfng h$ thong Cd che chuyen tai 'chfnh sach, theod6 tfnh den cac tac dQng qua 19i cua CSTK, thlfC

tr9ng tai chfnh cua doanh nghi$p, muc dQ phat trien

cua thi truong cOng nhu thlfC tr9ng c9nh tranh giiiacac ngan hang Khau dau tien cua chuang trJnhtient$ nay la kha nang dlf baa cung cau von kha dl,lngdlfa tren nhiing bien dQng cac khoan ml,lc tren bangcan doi tai san cua NHTLJ,trong d6 khoanml,lctfndl,lng cho ngan sach va tien gai ngan sach d6i hoislf phoi hc;1Phang ngay giiia NHNN, BQTai chfnh vaKho b9c Hdn niia, vi$c chuyen dan sang cac ml,lctieu ve gia (thay cho ml,lc tieu ve IUc;1ng)cua CSTTdang lam clio chuang trJnh tien t$ tra nen ch~t chehan, va yeu cau phoi hc;1Pvdi chfnh sach quan Iy nc;1cong hi$u qua han.

T6m I~i, yeu cau phoi hc;1Pcac chfnh sach vi mo,d~c bi$t la giiia CSTT va quan Iy nc;1cong dang lad6i hoi cap thiet trudc yeu cau cai cach Cd cau kinhte, xu hUdng tlf do hoa thi truong von va ndi long cac

dieu tiet hanh chfnh, chuyen dan ca che dieu tiet

sang sa dl,lng cac cong cl,l thj truong trong trao luu

hQi nh~p kinh 18quoc te M~c du can cU phap Iy cho

slf phoi hc;1Pchfnh sach ve ph~m vi va doi tUc;1ngla

kha ro nhvng dieu ki$n thlfC hi$n cOng nhu ca che

Cl,lthe cho slf phoi hc;1Pchua duc;1cthiet I~p mgt cachdQng bQ.VJ the vi~c chu~n bi dieu ki~n cho slf phoihc;1Pchfnhsach a ca khfa c9nh the che, ca che va

h09t dQng dieu tiet hang ngay can dLfc;1cquan tamva giai qu~t mgt cach nhat quan

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