The General Manager of the Bank for International Settlements (BIS), Agustin Carstens, has praised Vietnam’s efforts in its fight against inflation and ensuring its economic health, which he said is an important foundation for the economy to return to its previous high growth trajectory, according to a report from the Government News.

During a meeting with Deputy Prime Minister Le Minh Khai in Hanoi on September 21, Mr. Carstens said that since 2020, global fluctuations have proven the important role of central banks, especially in responding to rising inflation. This is the first time high inflation has occurred simultaneously in many countries, and central banks have taken “collective action” in response.

He highlighted the sound cooperation between BIS and the State Bank of Vietnam (SBV), particularly in foreign exchange reserves.

BIS’s offer to the SBV to become an official member affirmed its appreciation of the country’s position.

As a country with a young population active in gaining access to new technology, Vietnam is expected to see success in innovation and BIS will provide support in this regard, he said.

For his part, Mr. Khai spoke highly of BIS’s innovative activities through the establishment of innovation hubs with significant, effective projects.

He said SBV has been actively participating in projects in the BIS Innovation Hub, which helps improve the efficiency of State management and supervision of high-tech financial banking operations, ensuring national and international financial and monetary stability.

Vietnam hopes that BIS will pay attention to and continue to conduct forums and initiatives in the country to further tighten the relationship between the two parties, Mr. Khai said, and will help it improve the efficiency of its banking system management.

BIS is an international monetary and financial institution considered the “bank of central banks”, and now has 63 members.