Under consideration are the amendments to the Law on the State Bank of Vietnam (SBV) and the Credit Organisation Law.

On the amendments to the Law on the SBV, the deputies examined 15 issues including interest rates, jurisdiction to decide the nation’s monetary policy and policy on foreign exchange reserves, transparency and justification of the nation’s monetary policy, and state management of bank deposit insurance.

The deputies agreed that the NA will decide the nation’s annual inflation targets and oversee implementation of the nation’s monetary policy.

Speaking at the session, NA Vice Chairman Nguyen Duc Kien said the law, once enacted, will apply not just during the current global financial crisis but for an extended period. It is necessary, he added, to implement the resolutions of the 10^th National Party Congress and the Party’s Political Bureau to build an independent Central Bank.

The committee will also suggest modifications to the NA resolution on the nation’s critical projects.