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I. C S L THUYT

1. Tng quan v th trng m (OMO)

1.1 Khi nim th trng m

- Th trng m l ni din ra cc hot ng giao dch, mua bn ngn hn cc

chng t c gi ca Ngn hng Trung ng vi cc T chc Tn dng

1.2 Khi nim nghip v th trng m

- Nghip v th trng m l nghip v ca Ngn hng Trung ng tin

hnh mua hoc bn ngn hn cc chng t c gi, nhng khng v mc tiu

li nhun m v mc tiu chung ca nn kinh t.

1.3 Phn loi OMO: c 2 loi

- Nghip v th trng m nng ng nhm thay i mc d tr v c s tin

t

- Nghip v th trng m th ng nhm b li nhng chuyn ng ca cc

nhn t khc nh hng n c s tin t

1.4 Cc cng c giao dch trn OMO

1.4.1 Tn phiu kho bc nh nc

Tn phiu kho bc l giy nhn n do chnh ph pht hnh b p thiu ht

tm thi trong nm ti chnh. Thi hn ca tn phiu thong thng l di 12

thng. y l cng c ch yu ca Nghip v th trng m ca hu ht NHTW

cc nc v:

- Tn phiu kho bc c tnh thanh khon cao

- c pht hng nh k vi khng lng ln v v th c th tha mn nhu

cu can thip ca NHTW vi liu lng khc nhau.

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B ti chnh l ngi c vai tr quan trng trong vic xc nh khi lng pht

hnh, thanh ton li v gc ca tn phiu. Tn phiu kho bc c pht hnh

hng tun chi tr cc khon n ngn hn ca chnh ph.

V vy, khi lng tn phiu ny thay i ty theo nhu cu vay mn ca chnh

ph v s hn ch tc tang trng ca cc nh chc trch tin t.

I.4.2. Tn phiu ngn hng trung ng

(hng tm h ch ni nha)

1.4.3 Chng ch tin gi

Chng ch tin gi l giy nhn n ca Ngn hng hay cc nh ch ti chnh

phi ngn hng, xc nhn mn tin c gi vo ngn hng trong mt thi

gian nht nh vi mt mc li sut nh trc. Thi hn ca chng ch tin gi

thng l ngn hn. S ra i ca chng ch tin gi nh du s thay i cn

bn trong c ch qun l ngn hng: chuyn t un l ti sn n sang qun l ti

sn c v n cung cp mt hnh thc huy ng vn ch ng cho ngn hng

thay v phi ph thuc vo ngi gi tin. Tnh u vit ca chng ch tin gi

chnh l bo m s lu thong ca n v do n c s dng nh l hng ha

ph bin cho Nghip v th trng m.

1.4.4 Thng phiu

Thng phiu l chng ch c gi ghi nhn mnh lnh yu cu thanh ton

hoc cam kt thanh ton khng iu kin mt s tin xc nh trong mt thi

hian nht nh. y l giy nhn n c pht hnh bi cc doanh nghip nhm

b sung vn ngn hn. Thng phiu l ti sn c i vi ngi s hu v l tisn n i vi ngi pht hnh thng phiu. C ch bo lnh ca ngn hng

lm cho thng phiu c tnh chuyn nhng cao v v th c chp nhn d

dng trong thanh ton. Vic mua bn thng phiu ca NHTW s nh hng

mnh n d tr ca cc ngn hng hoc tin gi ca cc khch hng ti NHTW.

1.4.5 Tri phiu chnh ph

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Tri phiu chnh ph l chng khon n di hn c Nh nc pht hnh

nhm b p thiu ht ngn sch nh nc. Mc d l di hn nhng tri phiu

chnh ph c s dng ph bin trong Nghip v th trng m bi tnh an

ton, khi lng pht hnh, tnh n nh trong pht hnh v kh nng tc ng

trc tip n gi c tri phiu kho bc trn th trng ti chnh.

1.4.6 Tri phiu chnh quyn a phng

Tng t nh tri phiu chnh ph, nhng tri phiu chnh quyn a phng

khc v thi hn v cc iu kin u i lien quan n tri phiu. Thng thng

ngi s hu tri phiu chnh quyn a phng c hng u i v thu thu

nhp t tri phiu.

1.4.7 Cc hp ng mua li

y l nhng mn vay ngn hn, trong tn phiu kho bc c s dng

lm vt m bo cho ti sn c m ngi cho vay nhn c nu ngi i vy

khng thanh ton n.

1.5 Cc thnh vin tham gia OMO

Th trng m thc cht l th trng tin t m rng nn cc ch th tham gia thtrng ny rt ng o, phong ph vi nhiu mc ch khc nhau.

1.5.1 Ngn hng Trung ng

NHTW tham gia th trng m vi v tr l ngi iu hnh, qun l th trng

thng qua vic mua, bn cc giy t c gi tr ngn hn nhm cung cp cho h thng

ngn hng kh nng thanh ton cn thit ph hp vi nhu cu v vn cho nn kinh t.

NHTW s dng nghip v th trng m trn c s hoch nh chnh sch tin t. Qua

NHTW qun l khi lng tin cung ng kim sot v iu tit hot ng tn dng

ca cc t chc tn dng. NHTW tham gia th trng m khng phi kinh doanh

m qun l, chi phi th trng lm cho chnh sch tin t c thc hin theo

ng mc tiu ca n.

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1.5.2 Ngn hng thng mi

Cc NHTM tham gia th trng m nhm iu ha mc d tr nhn qu duy tr

kh nng thanh ton, cho vay khon vn d tha kim li. ng thi qua th trng

ny cc NHTM thc hin nghip v mi gii v kinh doanh chng khon.

Cc NHTM ng vai tr quan trng trn th trng m v: NHTM l trung gian ti

chnh ln nht, nhn mt s lng khng l vn gi v dng tin gi huy ng c

cho khch hn vay; NHTM l thnh vin c bit ca th trng tin t, va l

ngi i vay l ngi cho vay.

1.5.3 Cc t chc ti chnh phi ngn hng

Cc t chc ti chnh phi ngn hng bao gm: cc cng ty bo him, cng ty tichnh, qu u t,Cc t chc ny coi th trng m nh l ni kim thu nhp qua

vic s dng vn nhn ri mua, bn cc chng khon c gi tr ngn hn hoc di

hn. Cc t chc ny thng c khi lng chng khon ln v h thng xuyn thay

i c cu danh mc u t nhm m bo mc sinh li cao nht v ri ro d tnh

thp nht.

l ng c ca h tham gia vo NVTTM.

1.5.4 Cc doanh nghip sn xut kinh doanh ln

Cc doanh nghip c nhu cu bn chng khon i ra tin mt hoc kim li

trong thi gian ngn. Khi tha vn kinh doanh cc doanh nghip c th mua cc loi

chng khon ngn hn nh tn phiu kho bc, tri phiu, chng ch tin gi,

kim li.

1.5.5 Cc h gia nh

H gia nh tham gia th trng m nh h phi chuyn cc giy t c gi ngn hn

m h ang nm gi thnh tin mt c tnh lng mnh nht, h mua cc chng khon

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phng nga ri ro bt ng, u t vo giy t c gi nh vo s thay i li sut s

on.

1.5.6 Cc nh giao dch chuyn nghip

Tham gia vo th trng m vi t cch l ngi trung gian trong vic mua bn ccchng t c gi tr gia NHTW v cc i tc khc nh cc hng sn xut kinh doanh,

cc nh u t t nhn, cc ngn hng v t chc ti chnh phi ngn hng. Qua nghip

v ny h hng chnh lch gia gi mua v gi bn.

1.5.7 Kho bc nh nc

Kho bc Nh nc cung ng hng ha cho th trng m nh tn phiu, tri phiu

kho bc. Kho bc cung cp hng ha v kt hp vi NHTW trong hot ng ca thtrng m.

1.6 Phng thc giao dch trn th trng m

- Phng thc song phng: Ngn hng Trung ng giao dch trc tip vi

ngi mua, bn thc hin mua hoc bn hn chng t c gi.

- Giao dch qua th trng chng khon: Thng qua th trng chng khon,

qua cc i l chng khon m Ngn hng Trung ng tip cn vi ngi

mua hoc ngi bn tin hnh mua hoc bn.

- Giao dch qua u thu: u thu khi lng hoc u thu li sut.

+ u thu khi lng: Ngn hng Trung ng cng b khi lng tin cn

mua hoc cn bn bng phng thc u thu v n nh mc li sut thchin, Ngn hng Trung ng cng b iu kin t thu t chc mua bn

phi chp hnh, cc T chc Tn dng cn mua hoc bn tin hnh np thu

theo qui nh. Sauk hi m thu Ngn hng Trung ng s xc nh t l gi

tr t thu v phn b cho tng t chc tham gia t thu.

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Sau khi trng thu cc ngn hng thc hin nhn tn phiu kho bc v

thanh ton tin theo qui nh.

+ u thu li sut: Theo cch u thu li sut th cc n v t thu ng

k li sut t thu v i km l lng tin mua theo li sut ng k. Ngn

hng Trung ng s quan tm ti li sut t thu v s ly t li sut cao ti

li sut thp cho n khi no t c lng tin m Ngn hng Trung ng

cn cung ng vo lu thong.

Nguyn tc khi xt thu theo li sut nu Ngn hng Trung ng bn

th s xt t thu t li sut thp n li sut m bo lng tin cn bn.

Ngc li, khi Ngn hng Trung ng mua th xt t thu t li sut cao

n li sut m bo lng tin cn mua.

Phng thc giao dch th hin tnh linh hot ca cng c nghip v

th trng m cho php mua hoc bn vi s lng, thi gian giao dch v

mt phng php giao dch ty , ph hp vi chnh sch tin t.

1.7 Mi quan h gia nghip v th trng m vi cc cng c khc ca chnh

sch tin t.

thc hin mc tiu ca chnh sch tin t, Ngn hng Trung ng s dng nhiu

cng c a dng. Chng hn, ty theo yu cu m rng hoc thu hp tn dng, Ngn hng

Trung ng c th tng hoc h li sut ti chit khu, hoc gim t l d tr bt buc, hay

mua hoc bn cc chng khon c gi. Trong cc cng c th nghip v th trng m

c th s dng rt linh hot trong bt k loi chnh sch tin t no. N l cng c iu tit

v m. Nghip v th trng m c tc ng thng qua hiu ng thng bo t hn chnh

sch li sut chit khu v chnh sch d tr bt buc. N to ra cuc cnh tranh gia ccthnh phn ngn hng v thnh phn khng phi l ngn hng, c kh nng thanh ton, nht

l v khi lng, c th t c mc tiu mt cch va hiu qu, va ph hp vi th

trng c v xu hng tng hoc gim.

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1.8 Vai tr ca Ngn hng Trung ng.

cc nc ang pht trin v cc nc ang trong giai on qu chuyn t nn

kinh t mnh lnh trc y sang nn kinh t vn hnh theo c ch th trng, ch c mt

s rt t nc c c th trng l tng l iu kin cho th trng m hot ng mt

cch linh hot. Tuy nhin, hot ng th trng m cch ny hay cch khc c th v nn

c tin hnh trong cc th trng khng l tng hon ton nhng c cc giai on pht

trin theo hng c s pht trin v cnh tranh. Trong nhng trng hp nh vy th hot

ng th trng m cn phi c gii hn theo tng giai on. S tham gia ca Ngn hng

Trung ng s thc y s pht trin ca th trng, d vy Ngn hng Trung ng cn

ch rng vic tham gia vo th trng s khng c php c nh hng hoc lm tng

thm ri ro trong bng tng kt ti sn ca Ngn hng Trung ng. Mt Ngn hng Trungng s c kh nng hot ng c hiu qu hn nu bng danh mc ti sn ca n c tnh

lng cao v khng c ri ro.

1.9 u nhc im ca th trng m.

1.9.1 u im:

Khi s dng cng c ny Ngn hng Trung ng ch ng can thip v khi lng

nhiu hay t ty , thi gian ty thuc vo thi gian m Ngn hng Trung ng mun iu

chnh lng tin cung ng, Ngn hng Trung ng c th quyt nh mua, bn chng loi

giy t c gi nhm t c mc tiu ca chnh sch tin t. Cng c ny c tnh linh

hot cao, bt k lc no s can thip ca Ngn hng Trung ng u tc ng n tin trung

ng sau nh hng n li sut. Ngn hng Trung ng c th iu chnh c lng

mua v bn ty , thng qua gi mua v gi bn m Ngn hng Trung ng c th m rng

hay thu hp lng tin trung ng, v c kh nng iu chnh sai lm nu bn khng

ph hp hoc mua khng ph hp.

1.9.2 Nhc im:

Hn ch ln nht ca nghip v ny l cng c ny pht huy hiu qu th quc

gia phi c th trng ti chnh pht trin, hng ha ca th trng l cc giy t c gi

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ngn hn phi phong ph v a dng. Ngn hng Trung ng phi c kh nng d bo

c vn kh dng ca ton h thng can thip mua, bn, c nh vy vic can thip mi

c ngha ln trong vic tc ng vo lng tin cung ng. Khi Ngn hng Trung ng

mua, bn lm tc ng n lng tin trung ng, t s nh hng ti li sut trn th

trng tin t lin ngn hng, v vy trnh nh hng ny th Ngn hng Trung ngphi c cc gii php x l ph hp.

II. THC TRNG HOT NG TH TRNG M VIT NAM HIN

NAY (2008-2011)

1. Thc trng hot ng TTM Vit Nam t nm 2008 2011

V thnh vin:

Trong hn 4 nm, tng s lt thnh vin tham gia cc phin nghip v TTM t

16.924 lt v s thnh vin tham gia tng mnh qua tng nm (nm 2008 l 3.208;

nm 2009 l 3.121; nm 2010 l 6.106; 9 thng u nm 2011 l 3.906). Trong cc

phin giao dch, bn cnh cc thnh vin l NHTM Nh nc th s thnh vin l

cc NHTM c phn v ngn hng lin doanh, ngn hng nc ngoi tng mnh. T

nm 2010 n nay, cn c s tham gia ca cc thnh vin thuc khi ngn hng lin

doanh, ngn hng nc ngoi. Khi lng GTCG ca cc thnh vin trong mi

phin giao dch ngy cng a dng gm tri phiu Chnh ph, tri phiu Chnh

quyn a phng (TP. H Ni v TP. H Ch Minh), tn phiu NHNN, tri phiu

ca cc ngn hng chnh sch (Ngn hng Pht trin, Ngn hng Chnh sch x hi)

S : C cu thnh vin tham gia cc phin giao dch nghip v TTM 9thng u nm 2011

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V khi lng giao dch:

Qua bng 1 di y cho thy t nm 2008, NHNN bm rng 100.685 t ng;

nm 2009, cng bm rng ti 122.830 t ng; nm 2010, bm rng 294.304 t

ng, trong khi , 6 thng u nm 2011, ch bm rng 13.056 t ng. iu ny

th hin NHNN quyt tm thc hin chnh sch tin t tht cht, nhm mc ch

kim ch lm pht.

Bng 1: Lng tin cung ng rng qua nghip v th trng m

n v tnh: t ng

( tr nghi chi bo may cai bang vs bieu do vao thui, co chi minh nhin vao word

minh doc bang vs bieu do la dc nha, dang nao minh cung phai nop co bang

word)

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Biu 1: Lng tin cung ng rng qua nghip v th trng m

n v: T ng

Nhn vo biu 1 ta c th thy lng tin NHNN bm ra gim dn trong 6 thng

u nm 2011. Li sut NVTTM (hay li sut OMO) tnh n ht thng 6/2011, vn

c gi nguyn mc 15%/nm. Vic tht cht tin t thng qua ht rng trn

nghip v th trng m ca NHNN cng cc chnh sch iu tit v m khc c

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nhng kt qu bc u khi CPI thng 6/2011 CPI tng 1,09%, gim so vi mc

tng 2,21% ca thng 5/2011 mang li tn hiu ng mng cho nn kinh t.

Bng 2. Kt qu giao dch NV TTM t nm 2008 n nay

n v: T ng

th 2: Li sut trng thu bnh qun cc phin giao dch nghip v TTM

T nm 2008 n nay

Da vo bng 2, th 2 ta thy y l thi k nn kinh t trong nc chu rt nhiu

s tc ng tiu cc bi s bt n ti chnh ca cc nc trn th gii v vn n

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cng ca khu vc Chu u. c bit l thi im nhng thng cui nm 2008 u

nm 2009, cc ngn hng gp kh khn v thanh khon, khi , NHNN thc hin

cung mt khi lng tin ng k h tr cc ngn hng. C thi im, li sut

trn th trng lin ngn hng ln ti hn 40%/nm, NHNN kp thi can thip thng

qua nghip v TTM bng vic tng lng cung tin v p dng phng php uthu khi lng, dng nh ngay lp tc, li sut lin ngn hng gim quanh mc

20%/nm. Chnh v vy, NHNN ch yu cho thu i vi cc phin mua k hn

GTCG tip tc h tr thanh khon cho cc ngn hng, khi lng trng thu mua

k hn GTCG l 6.455.551 t ng, chim ti 98,5%/tng khi lng trng thu

trong giao dch nghip v TTM; tn xut giao dch cc phin tng ng k bnh qun

NHNN t chc gn 384 phin/nm. n nay, sau hng lot gii php v bin

php h tr t Chnh ph v NHNN, tnh hnh thanh khon ca cc ngn hng c

s ci bin r rt, th trng tin t khng cn nng nh trc.

Bng 3: Doanh s giao dch nghip v th trng m qua cc nm

n v: t ng

Qua bng s liu 3 cho thy doanh s giao dch trn nghip v th trng m lin

tc tng, nm sau cao hn nm trc theo c hai chiu mua v bn. Nm 2008, tng

doanh s trng thu l 1.036.066 t ng, n cui nm 2010, tng doanh s trng

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Tng trng tn dng 6 thng u nm t gn 8,32%, thp hn so vi cng k nm

ngoi 8,96%. V nu so vi ch tiu c nm tng di 20%, th c th khng nh

rng, tng trng tn dng ang i ng vi mc tiu ra. c bit, trong iu kin

phi thc hin mc tiu kim ch lm pht th tn dng c tp trung u tin cho

lnh vc sn xut. Ring lnh vc sn xut nng nghip, xut khu tng trng tndng t 25% (trong khi tng chung ch l 6,92%). i vi khu vc phi sn xut,

nu nh cui nm 2010, t trng tn dng chim 18,87% th n cui thng 6/2011, ch

cn chim 16,91%. R rng, kt qu thc hin nhim v ang i ng hng theo

mc tiu iu hnh ca Chnh ph v NHNN.

+ Th ba, s thay i li sut nghip v th trng m lm tng kh nng iu tit li

sut th trng ca NHNN Vit NamHot ng nghip v th trng m s tc ng n lng tin cung ng, t tc

ng n li sut th trng. Li sut th trng m c iu hnh linh hot trong

khong gia li sut ti cp vn v li sut chit khu nh hng li sut th

trng, pht tn hiu v quan im iu hnh CSTT trong tng thi k th hin r vai

tr ca li sut th trng m trong vic h tr NHNN iu tit li sut th trng.

S thay i ti 5 ln li sut nghip v th trng m trong 6 thng u nm 2011th hin s bm st li sut th trng v vn ng cng chiu, phi hp cht ch

gia li sut c bn, li sut ti cp vn, li sut th trng m, li sut lin ngn hng,

li sut chit khu l c s cc ch th trong nn kinh t a ra quyt nh u t,

sn xut kinh doanh ph hp...

+ Th t, cng tc d bo vn kh dng ca NHNN c nhiu ci thin, kt qu

d bo trong k d bo l 1 thng khng c nhiu sai lch v tng th, nhng trong d

bo bin ng hng ngy cn nhiu sai s. Tuy nhin, do vic thc hin cho mua

c thc hin 2 phin mt ngy, nn vic chnh sa sai lch d bo c tin hnh

nhanh chng.

+ Th nm, cc ch th tham gia nghip v th trng m tng ln v s lng v

a dng v loi hnh, xut pht t nhu cu vn kh dng 6 thng u nm v cc iu

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kin tham gia th trng ca cc TCTD, cho thy cc TCTD c iu kin tham

gia v u c kh nng trng thu. iu ny cng khuyn khch cc TCTD nm gi

GTCG v tng tnh cnh tranh trn th trng.

- Mt s hn ch

+ NHNN cn gp nhiu kh khn trong iu hnh nghip v th trng m nhm

kim sot lng tin cung ng, iu ny nh hng bi:

Hot ng nghip v th trng m khng mang tnh bt buc, v vy, s lng

thnh vin tham gia th trng mi phin cng khim tn: hai nm 2008 - 2009

khong 50 - 60% cc TCTD c cng nhn l thnh vin th trng m; nm 2010,

cc thnh vin tham gia tch cc hn, c phin s lng thnh vin tham gia l 40;

nm 2011, cc thnh vin tham gia cao nht trong mt phin ln ti 44 thnh vin.

+ Chnh sch tin t a mc tiu kim sot lm pht, va h tr tng trng kinh t

(u nm 2011 mc tiu ca Chnh ph l tng trng kinh t 6,5%, lm pht 8,0%,

n nay ch tiu ny c iu chnh), do vy, vic bm tin qua nghip v th

trng m vn phi nm trong ch tiu lng tin cung ng tng thm c Chnh ph

ph duyt. Do , phn no lm gim tnh ch ng trong iu hnh nghip v th

trng m ca NHNN Vit Nam.

+ D bo cung - cu vn kh dng ca NHNN i khi cha tht chnh xc. Sai s

trong d bo thng khng ng u nn kh khc phc. Cc d bo c thi gian

trn 1 thng tuy c thc hin, nhng khng thng xuyn v ch mang tnh d

bo v xu hng v c on theo dy s liu lch s v NHNN cha c h thng

theo di kp thi, y .

+ Kh nng h tr vn kh dng cha p ng c yu ca tt c cc TCTD tham

gia th trng. Thc t 6 thng u nm 2011, c 49 thnh vin tham gia th

trng, song tham gia giao dch thng xuyn ch yu l cc TCTD c quy m ln vi

u th v iu kin giao dch. Cc TCTD quy m nh hoc cha quan tm, hoc iu

kin tham gia th trng yu nn khng thng xuyn tham gia th trng. Do vy,

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khi thiu vn kh dng tm thi h phi vay trn th trng tin t lin ngn hng vi

li sut cao, t gy xo trn trn th trng tin t.

+ Cn nhiu bt cp trong vic iu tit li sut nghip v th trng m.

Thi gian qua, NHNN Vit Nam iu hnh linh hot li sut nghip v thtrng m gn vi li sut ti cp vn, li sut ti chit khu nh hng li sut

th trng, pht tn hiu trong iu hnh chnh sch tin t. Thc t cho thy vn c

thi im, NHNN lng tng trong vic iu tit li sut trn th trng m trong mi

quan h vi cc loi li sut khc. Nhng nm gn y v c bit trong 6 thng u

nm 2011, NHNN thc hin u thu khi lng vi li sut cng b, iu ny cng

hn ch phn no kh nng cnh tranh ca cc TCTD.

- Nguyn nhn ca hn ch

+ Thiu s phi hp nhp nhng gia chnh sch tin t v chnh sch ti kha. Hiu

qu ca chnh sch tin t cn da trn c s c s phi hp ng b vi chnh sch

ti kha. Mc tiu n nh gi tr ng tin, kim sot lm pht gp phn thc y

pht trin kinh t ph thuc vo vic xy dng v iu hnh cc chnh sch ca quc

gia. Vic bi chi ngn sch c xu hng gia tng qua c nm tc ng, lm hiu

qu ca chnh sch tin t b st gim.

+ Giy t c gi tham gia th trng m cha a dng.

Theo Quyt nh s 11/Q-NHNN ngy 06/01/2010 c s thay i quy nh t

l chnh lch gia gi tr giy t c gi (GTCG) ti thi im nh gi v gi thanh

ton trong giao dch mua bn c k hn gia NHNN v cc t chc tn dng. Tuy

nhin, trong Quyt nh ny, danh mc giy t c gi tham gia th trng m cha

c m rng. Vic quy nh th t u tin GTCG trong xt thu nhm khuyn

khch cc TCTD u t d tr thanh khon vo cc GTCG c tnh thanh khon cao

gy kh khn cho cc TCTD nh nm khng nhiu tri phiu Chnh ph.

+ C ch iu hnh li sut cn c nhng hn ch nht nh.

7/31/2019 TTM-NHTW

17/17

Thng 6/2001, NHNN cho php t do ha li sut tn dng ngoi t; thng 6/2002,

t do ha li sut ni t. Tuy nhin, NHNN Vit Nam vn iu hnh chnh sch li

sut theo c ch kim sot trc tip, ban hnh nhiu loi li sut khc nhau nh li

sut c bn, li sut ti cp vn, li sut ti chit khu,... Trong 6 thng u nm

2011, cc loi li sut ny tng v pht tn hiu iu hnh CSTT tht cht,nhng cha thc s pht huy hiu qu vai tr kch thch gim nhu cu tin t. Mt

khc, cc loi li sut trn do NHNN cng b nn mang nng tnh hnh thc, v

vy, tt yu nh hng n li sut th trng m.

Mt khc, trong giao dch trn th trng m, s lng thnh vin tham gia giao

dch cn hn hp nn li sut th trng m cha phn nh ng quan h cung - cu

vn trn th trng.+ Thu thp v x l thng tin cn nhiu kh khn.

Vi tn sut giao dch bnh qun 1 - 2 phin/ngy i hi thng tin v nhu cu vn

kh dng ca cc TCTD, nhu cu vay vn, mt bng li sut phi c cp nht lin

tc hng ngy, hng gi ti ban iu hnh th trng. Tuy nhin NHNN vn cha c

h thng theo di kp thi v y cc hot ng trn th trng tin t. Vic theo

di, d bo vn kh dng cn c nhng kh khn nht nh nn chnh xc chacao. iu ny xut pht ch yu t th trng tin t lin ngn hng cha pht trin.