TAI CHINH QUOC TE
( So 2(67)-2009 )
Kinh nghiem cua Thuy DiSn trong viec di§u hanh chinh sach tiSn te
De kiem soat lam phat
TS. Ha Minh Sen Nguyin Thj Thu^yng Giang
^ k Igdn hdng trung uang (NHTW) Thuy diin Id mpt trong nhirng NHTW phdt trien bgcnhdtthe I ^Ll gi&i vd dugfc thi gi&i ddnh gid cao trong viec diiu hdnh Chinh sdch tien te (CSTT) thdnh A. T cong di kiim sodt Igm phdt vd tdng tru&ng kinh ti bin virng. Trong phgm vi bdi viet ndy,
chiing toi xin di cap nhirng kinh nghiem md NHTWThux Diin dd thuc hien trong th&i gian qua.
Thir nhat, Lai sudt Repo:
Hien nay cong cy chfnh ma NHTW Thuy Dien sir dung de
cdc NHTM) vdi muc lai sudt gdn vdi Idi sudt Repo (lai sudt cho vay cao hon vd lai sudt tien gCri thip ban chiit ft so vdi lai suat Repo) (Hien nay NHTW Thuy
1 \ \ dilu tiet thanh khodn Id Repo+0.1% ddi vdi lai suat cho vay vd Repo-O.I% ddi vdi lai sudt tien giri.). Quy djnh ndy nhdm khuyin khich cdc NHTM tham gia vdo nghiep vy diu thiu Repo. Chiing ta se xem xet cu the ve hai nghi?p vy ndy ciia NHTW Thuy Dien:
Nghiep vu ddu thdu Repo:
Mgt tudn trudc phien diu thiu, NHTW Thuy Diln edn cu vdo (i) mirc lam phdt hien hdnh;
(ii) mirc lam phdt dy bdo; (iii) khoi lugng thanh khodn cin cung iing cho h? thong ngdn hang; va (iv) vd cdc chi tieu kinh te vT mo khdc dl quylt djnh mirc thyc thi CSTT Id lai suat Repo.
Thdng qua Idi suit Repo, NHTW Thuy Diln thyc hien cung iing thanh khodn cho cdc ngdn hang thuang mai dl dilu tilt lai suit thj trudng theo hai phuong thirc sau: (1) Tiln hdnh nghiep vy diu
sudt Repo (Ve nguyen tdc, cd the lya chgn mgt tin sudt khdc cho nghiep VIA ddu thdu Repo, nhung tin suit do nhdt thiet phdi ngdn ban tan suit dua ra cdc quyet djnh doi vdi lai suat Repo), de cung img cho todn he thdng mgt khdi lugng von dya tren co sd dy bdo mirc thanh khodn ciia todn he thong ngdn hdng (Sy thilu hyt vl thanh khodn tren gdc dg todn he thong cd nghTa la s6 von thira d mgt so ngan hang khong dii de bii ddp cho so von thilu hut b mgt so ngan hang khdc.) thong qua he thong theo doi trye tuyen (online). Nghi?p vy dau thau Repo la ddu thiu ve khoi lugng vdi mirc lai suit an djnh (Repo) nhim myc dich phdn bo khoi lugng cdn cung iing cho todn h?
thong ngdn hang (md NHTW Thuy Diln da dy bdo) cho cac NHTM tham gia dy thiu. Trong giai doan hi?n nay, NHTW Thuy Lai sudt Repo vd se cong bo miirc r^. A . u 11. • thiu Repo mgt tuin mgt lin vdi lai suit trudc cdc phien diu thiu ^'^" ''^' f ""^ "^^ ^•"^"'^ " ^ T mirc lai suit Repo do NHTW vdo thir ba hdng tuin, luc 9h30 J,^° ^f/.''°"§ ^'l°",^_!"!.'''^'^',!|
Thuy Diln in djnh; vd (2) Tiln sdng. Sau dd, tren thj trudng md, *''"" ^ *" "* "
nghiep vy nay dugc thyc hien mdt tuan mgt lin. Ngay sau khi NHTW Thuy Diln cdng bd lai hdnh nghiep vy dilu tilt thanh
khodn vdo cudi moi ngdy (cho vay hoac nhdn tien giri doi vdi
thau ddi vdi cdc hgp dong mua lai vdi lai suit Repo. Tuy nhien, khi cin riit bdrt tien trong luu thdng, NHTW Thuy Diln cd the phdt hdnh giay td cd gid vdi ten
.56> T a p chf n g h i e n cufu T d i chfnh k e ' t o d n
( So 2(67)-2009 ')
TAI CHINH QUOC TE
ggi "Chimg chi tiln giri NHTW Thuy Dien" va bdn cho cdc NHTM thdng qua cdc boat dgng diu thiu tuong ty.
Nghiep vu diiu tiit thanh khodn:
Vi nghiep vy diu thiu Repo chi thyc hien mgt tuin 1 lin nen hdng ngdy, khi cd sy thieu hyt vl thanh khodn tren gdc do todn bd he thong thi NHTW Thuy Diln se xdc djnh sd vdn cdn tiep irng vd chu dgng dl nghj cho vay cdm CO giiy td cd gid ddi vdi ngdn hdng ndo thilu von, vdi lai sudt Repo+O.I% (lai suit ndy tuong ty nhu lai suit chiet khiu cho NHNN VN quy djnh vd von dugc coi Id "muc sdn"). Trudng hgp cd du thira thanh khodn tren gide dg todn he thong thi NHTM cd thi giri tai NHTW Thuy Diln vd dugc hudng mirc lai suit Repo - 0.1%. (Mirc lai suit cho vay bode lai suit tien giri nay van chenh l?ch 0.1% so vdi lai suit Repo Id nhim myc dich khuyin khich cdc NHTM tham gia vdo nghi?p vy diu thdu Repo)
Mgt diim cdn dde bi^t litu y Id, khi khong cd sy thilu hut thanh khodn tren gdc do todn h? • thong (tire Id so von thira d mgt so ngdn hdng van du de bii ddp dugc sy thilu hyt vl vdn d mgt so ngdn hdng khdc) nhung mgt ngan hdng don le thilu vdn md vi mgt ly do ndo dd khdng the vay dugc tir cdc ngdn hdng khdc thi ngdn hdng dd cd thi de nghj vay von tirNHTW Thuy Diln nhung phdi chju lai suit Repo+0.75%.
Day cd thi coi Id "mirc lai suit tran", tuong ty nhu mirc lai sudt
tdi cip vdn do NHNN Viet Nam quy djnh. Trudng hgp ngugc lai thi ngan hdng dd cd the giri tai NHTW Thuy Dien, nhung ehi dugc hudng mirc lai sudt Repo- 0.75%.
Nhu vay, chfnh sdch cua NHTW Thuy Diln la khuyin khfch cdc NHTM cho vay lan nhau khi khdng ed sy thieu hut hay du thira thanh khodn tren gdc do todn bg he thong. Chenh lech giQra lai sudt cho vay va lai sudt tiln giri Repo + 0.75% tao ra dgng CO lam can bdng sy thieu hyt bode du thira thanh khodn tren thj trudng lien ngan hdng.
Cdc NHTM ludn thiy ring hg cd khd ndng gidi quyet nhu cau vdn ciia minh tren thj trudng lien ngan hang vdi mirc lai suat xoay quanh lai suit Repo do NHTW Thuy Diln quy djnh. Do dd mirc lai suit Repo ludn Id co sd de cdc NHTM djnh ra lai sudt cho vay ciia minh. Day chinh Id phuong phdp dieu hdnh lai sudt ciia NHTW Thuy Diln dl hudng tdi myc tieu cuoi ciing Id kiem sodt l^m phdt.
Cd thi thiy ring chfnh vi ly do myc tieu trung gian Id lai sudt thj trudng vd muc tieu cuoi ciing chi Id kilm sodt lam phdt nen (nhu da neu trong phan trinh bay vl qud trinh dilu hdnh cdng cy CSTT ciia NHTW Thuy Diln) viec du bdo vdn khd dyng ciia he thong NHTM doi vdi NHTW Thuy Diln la eye ky quan trgng dl ldm CO sd cho viec an djnh lai suit Repo va dy bdo dugc khoi lugng thanh khodn can thiet de dua ra diu thiu cung nhu dieu
tiet thanh khoan.
Diem gidng nhau giQ-a Nghiep vu dieu tiet thanh khodn vd Nghiep vu ddu thdu Repo la d chd hai nghiep vy nay deu ctn cu vdo dy bdo ve tinh hinh vdn khd dyng cua todn he thdng tir he thdng thanh todn trye tuyen. Tuy nhien, hai nghiep vy neu tren cQng cd nhQng diem khdc nhau ve: (i) tin suat thyc hien (hdng ngdy ddi vdi nghiep vy dieu tiet thanh khodn va hang tudn ddi vdi nghiep vy ddu thau Repo); (ii) nghiep vy diu thiu Repo dugc tiln hdnh tren co sd dy bdo tinh hinh thanh khodn cua mgt tuin trudc khi diu thiu; cdn nghi?p vy dilu tilt thanh khodn thi bii dip ve chenh lech thanh khodn thyc tl xdy ra trong todn he thdng ngdn hdng sau khi dd ket thue phien diu thiu Repo; vd (iii) lai suit dp dyng cQng khdc nhau (nghi?p vy dau thdu Repo Id lai sudt Repo edn nghi?p vu dilu tilt thanh khodn Id Repo ± 0.1%).
Cdc loai gidy to co gid dugc NHTW Thuy Dien nhdn cdm co:
Viec cho vay cua NHTW Thuy Diln doi vdi NHTM theo cdc nghi?p vy neu tren ludn kem theo yeu ciu vl cam co giay td cd gid. Cdc giiy td cdm cd dugc NHTW Thuy Diln chip nhdn khd da dang, bao gom: (i) Chimg khodn ng cua Chinh phii (tin philu kho bac, trdi philu Chinh phii); (ii) Cdc giiy td cd gid do cdc cdng ty (tu nhan) vd chfnh quyen dja phuong phdt hdnh cd xep hang tir A trd len; vd (iii) Mgt sd giay td cd gia do cdc to chirc.
Tap chf nghien cufu Tdi chfnh k e t o d n <'57
TAI CHiNH QUOC TE
( So 2(67)-2009 )
ca nhan nudc ngoai phat hanh.
Thir hai, Chfnh sach ti le dy trQ-bit budc bdng 0:
Theo quy djnh cua Luat, NHTW Thuy Diln cd thi quylt djnh mirc dy tru- bat budc tdi thilu doi vdi cac td chirc tfn dyng. Ti le nay trong khoang tir 0 din 15%. Tuy nhien, hien nay NHTW Thuy Diln dang dp dung ti le dy trir bit budc = 0). Day cung la diem khdc ddi vdi NHNN VN xuit phat tir hai ly do chinh sau:
- Muc tieu trung gian cua NHTW Thuy Diln la kiem soat lai suit thi trudng, NHTW Thuy Dien khdng cd y djnh, cung nhu khdng sir dung cac cdng cu de tac ddng tdi cung ve tien te, dii la khdi tiln md rgng hay khdi tien thu hep, nen NHTW Thuy Dien khdng sir dyng cdng cu dy trQ- bat budc nhim kiem sodt mirc ung tien. Cdn d Viet Nam, do sir dyng M2 lam myc tieu trung gian nen duong nhien cdng cu dy tru- bdt budc van phai dugc duy tri de kiem soat M2.
- Thuy Dien cd mdt thj trudng lien ngan hang boat dgng hieu qua vd mdt he thdng thanh toan hien dai, an todn; NHTW Thuy Dien ed kha ndng giai quyet sy mat can ddi kjp thdi cua he thdng ngdn hdng thdng qua nghiep vy dieu tiet thanh khoan. Mat khac, ngay ban than he thdng NHTM cua Thyy Dien, sau be day cua nhieu nam phat trien cung da dam bao dugc sy an toan cua chfnh hg trudc cdng chung (khi khdng cd nhung dot bien bat thudng xdy ra) nhu giai doan
hien nay. Vi vay, vai trd dam bao an toan ciia dy trir bat budc ddi vdi cac NHTM trd len khdng thyc sy can thiet.
Thu- ba, Chfnh sach ti gia thd ndihoantoan:
K I tir nam 1999 Thuy Dien thyc hien chfnh sach ti gia tha ndi theo thj trudng. Theo luat, cac vin de quan trgng ve chfnh sach ti gia thude trach nhiem cua Chinh phu Thuy Diln (sau khi tham khao y kien cua NHTW Thuy Diln), sau dd dugc NHTW Thuy Dien trien khai thyc hien.
Vi chfnh sach ti gia la tha ndi nen NHTW Thuy Dien khdng can thiep tren thj trudng hdi doai.
Chfnh vi vay, tren bang can ddi tai san ciia NHTW Thuy Dien, dy trQ- ngoai hdi gan nhu cd djnh, khdng bien dgng nhieu theo thdi gian. Ve phia cac NHTM va cac doanh nghiep, tinh trang du thira hoac thieu hyt ngoai hdi cung dugc giai quyet nhanh chdng bang hoat ddng cho vay hoac di vay thdng qua mdt thj trudng hoat ddng hieu qua.
Thir tir, Chfnh sach kiem soat tang trudng tfn dung:
Tren thyc te, mdt sd NHTW cd the sir dung muc tieu trung gian la kiem soat tang trudng tfn dyng qua dd kiem soat lam phat, thay vi sir dyng mirc cung tien lam muc tieu trung gian. Nhung NHTW Thuy Dien cho ring d cac nudc dang phat triln (vf du nhu Viet Nam), do quy md va kha ndng tai chfnh ciia cac doanh nghiep cdn ban chi, ddng thdi cac kenh huy ddng von khac nhu thj trudng chimg khoan cung
chua phat trien nen d cac nudc nay ngudn vdn boat ddng ciia cac doanh nghiep phu thude hau het vao he thdng ngan hang. Chfnh vi vay ma chinh sdch lai suat cd the tac ddng manh ban den dau tu thdng qua kenh tfn dyng. Do dd, khi lai suat ngan hang tang len, cac doanh nghiep vira va nhd vdi do tfn nhiem tren thj trudng cdn thap khdng the ty phdt hanh cd phieu, trai phieu nhdm thu hut vdn tir cdng chiing, do dd se phai thu hep san xuat vd dau tu. Vi vay tdng mirc tfn dyng cd the giam xudng ro ret, qua dd tac dgng lam giam tdng cau trong nen kinh te, lam phdt vi vay ma giam theo.
Trong khi dd, d cdc nudc phat triln, cu thi la Thyy Diln, khi lai suit ngan hang tang len, doanh nghiep cd thi sir dyng cdc hinh thirc huy dgng vdn khdc nhu:
huy dgng trye tiep thdng qua viec phat hanh cd phieu, trai phieu (Tat nhien dieu nay cd the khdng phai liic nao cung diing.
Lai suat ngan hang va tinh hinh thj trudng cd phieu, trdi phieu cung cd sy tac dgng qua lai lan nhau) (do thj truong vdn da phat trien va nhilu doanh nghi?p co do tfn nhiem cao); hoac vay von tir nudc ngoai.v.v. Chfnh vi vay ma viec thay ddi lai suat cua ngan hang tdc dgng khdng that nhieu den tdng trudng tin dung de qua dd tac ddng den lam phat nen NHTW Thuy Diln khdng dimg myc tieu tang trudng tin dung de kiem soat lam phdt./.
Tap chf nghien cufu Tdi chfnh ke'todn
