SBV Governor Nguyen Thi Hong attends BIS Annual Meetings

The Vietnamese Delegation, headed by Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), attended the official sessions, including the BIS Annual Conference, the Global Economy Meeting (GEM), and the BIS Annual General Meeting (AGM).

The theme of this year BIS Annual Conference was “Central banks, macroeconomic stability, and the future of the financial system”. Several central bank governors and speakers from famous universities around the world delivered presentations focusing on three main topics, including:

(i) Fiscal - Monetary interactions and macroeconomic stability;

(ii) Banks, non-bank credit institutions and the capital market;

(iii) Central banks and the functions of the bond market.

Within the framework of the BIS Meetings, at the GEM session, the Governors adopted the Report on “Stablecoin Arrangements” in cross-border payment transactions, which had been prepared by the Committee on Payments and Market Infrastructures (CPMI).

Also at the GEM session, the participants exchanged about the Global Deflation Trajectory. Accordingly, the Governors focused on discussing about the short and medium-term inflation outlooks, and the specific challenges in the final stages of deflation. Besides, a representative from the BIS also presented the 2022 Global Economic Report, with assessments of the global economic and financial developments in the fiscal year of 2022/2023.

On the bright side, the global economy had still remained its resilience. The economic performance in some key markets had been better than expected. In the context of the global economic instabilities, the BIS believes that it is necessary to make policy adjustments as well as institutional safeguards in order to ensure the pivotal role of the monetary and the fiscal policy in ensuring the financial and the macroeconomic stability.

At the AGM, the BIS's official shareholders’ Annual General Meeting, a representative of the BIS presented a report on the BIS financial statements for the fiscal year of 2022/2023. After that, the participants voted to adopt the Meeting’s Resolution on the Financial Statements for the fiscal year of 2022/2023 dated March 31, 2023.

Also at this Meeting, Mr. Agustin Carstens, General Manager of the BIS, presented the key messages in the BIS Annual Economic Report, emphasizing the BIS's targets for economic growth and the major challenges that the member central banks may face in the next year.

LK