lOMoARcPSD|44744371 lOMoARcPSD|44744371
Trình bày về nguyên nhân và các giải pháp chống lạm phát ở Việt
Nam giai đoạn 2007-2012. Đánh giá về triển vọng lạm phát năm 2022 ở Việt Nam
Presenting the causes and solutions to combat inflation in Vietnam
in the period 2007-2012. Assessment of inflation outlook in 2022 in Vietnam Table of Contents
INTRODUCTION...........................................................................................................................................1
I. THEORETICAL BASIS..................................................................................................................................2
1. What is inflation?................................................................................................................................2
2. What are the causes of Inflation.........................................................................................................2
2.1.Demand-Pull Inflation Theory:......................................................................................................3
2.2. Causes of Demand-Pull Inflation:.................................................................................................4
3. The effects of Inflation........................................................................................................................4
II. INFLATION IN VIETNAM IN 2007 – 2012..................................................................................................5
1. Inflation in Vietnam 2007 – 2012........................................................................................................5
2. Causes of Inflation in Vietnam in 2007-2012.......................................................................................6
3. Solutions to combat inflation in Vietnam in the period 2007-2012...................................................11 I II. A
SSESSMENT OF INFLATION OUTLOOK IN 2022 IN VIETNAM .............................................................13
IV. CONCLUSION........................................................................................................................................15 INTRODUCTION
Controlling inflation to stabilize the economy in our country is a
pressing issue. Inflation is occurring due to many reasons, of which,
especially important is the exchange rate, which reflects economic
fluctuations both domestically and internationally. On the basis of the
quantitative emphasis on inflation, the author has proposed a number of
solutions to contribute to curbing inflation in our country.
Inflation not only causes economic disturbances, stops production,
and distorts the allocation of social resources, but also directly affects lOMoARcPSD|44744371
the incomes of all classes of people, directly affecting the life of the
people. the living standards of the poor and low-income people in
society, because incomes do not keep up with the rate of price changes.
Food price inflation can erase the achievements of many developing
countries in the world in hunger eradication and poverty reduction over the past years.
Inflation is a complex issue and depends on many macroeconomic
factors. Therefore, the study of the causes and the search for measures to
deal with inflation always attracts world economists and is an annual job
of the governments of the countries. In the context of high inflation, it is
very urgent to study the causes and measures to solve inflation in
Vietnam. Quantitative research to find out the causes and solutions to
the inflation problem in Vietnam will help us quickly stabilize the
macroeconomy, bringing the economy back to growth. I. THEORETICAL BASIS 1. What is inflation?
Inflation and unemployment are the two most talked-about words
in the contemporary society. These two are the big problems that plague
all the economies. Almost everyone is sure that he knows what inflation
exactly is, but it remains a source of great deal of confusion because it is
difficult to define it unambiguously.
Inflation is often defined in terms of its supposed causes. Inflation exists
when money supply exceeds available goods and services. Or inflation is
attributed to budget deficit financing. A deficit budget may be financed
by additional money creation. But the situation of monetary expansion
or budget deficit may not cause price level to rise. Hence the difficulty
of defining ‘inflation’.
Inflation may be defined as ‘a sustained upward trend in the
general level of prices’ and not the price of only one or two goods. G.
Ackley defined inflation as ‘a persistent and appreciable rise in the
general level or average of prices’. In other words, inflation is a state lOMoARcPSD|44744371
of rising price level, but not rise in the price level. It is not high prices
but rising prices that constitute inflation.
It is an increase in the overall price level. A small rise in prices or a
sudden rise in prices is not inflation since these may reflect the short
term workings of the market. It is to be pointed out here that inflation is
a state of disequilibrium when there occurs a sustained rise in price level.
It is inflation if the prices of most goods go up. However, it is
difficult to detect whether there is an upward trend in prices and whether
this trend is sustained. That is why inflation is difficult to define in an unambiguous sense.
2. What are the causes of Inflation
Inflation is mainly caused by excess demand/or decline in
aggregate supply or output. Former leads to a rightward shift of
aggregate demand curve while the latter causes aggregate supply curve
to shift leftward. Former is called demand-pull inflation (DPI) and the
latter is called cost- push inflation (CPI). Before describing the factors
that lead to a rise in aggregate demand and a decline in aggregate
supply, we like to explain “demand-pull” and “cost- push” theories of inflation.
2.1.Demand-Pul Inflation Theory:
There are two theoretical approaches to DPI —one is the classical
and the other is the Keynesian.
According to classical economists or monetarists, inflation is
caused by the increase in money supply which leads to a rightward shift
in negative sloping aggregate demand curve.
Given a situation of full employment, classicists maintained that a
change in money supply brings about an equi-proportionate change in
price level. That is why monetrarists argue that inflation is always and
everywhere a monetary phenomenon.
Keynesians do not find any link between money supply and price
level causing an upward shift in aggregate demand. According to
Keynesians, aggregate demand may rise due to a rise in consumer lOMoARcPSD|44744371
demand or investment demand or government expenditure or net exports
or the combination of these four.
Given full employment, such increase in aggregate demand leads to an
upward pressure in prices. Such a situation is called DPI. This can be explained graphically.
Just like the price of a commodity, the level of prices is determined by
the interaction of aggregate demand and aggregate supply. In Fig. 11.3,
aggregate demand curve is negative sloping while aggregate supply
curve before the full employment stage is positive sloping and becomes
vertical after the full employment stage. AD1 is the initial aggregate
demand curve that intersects the aggregate supply curve AS at point E1.
The price level thus determined is OP1. As aggregate demand curve
shifts to AD2, price level rises to OP2. Thus, an increase in aggregate
demand at the full employment stage leads to an increase in price level
only, rather than the level of output. However, how much price level will
rise following an increase in aggregate demand depends on the slope of the AS curve.
2.2. Causes of Demand-Pul Inflation:
DPI originates in the monetary sector. Monetarists’ argument that “only
money matters” is based on the assumption that at or near full
employment, excessive money supply will increase aggregate demand and will thus cause inflation.
An increase in nominal money supply shifts aggregate demand curve
rightward. This enables people to hold excess cash balances. Spending
of excess cash balances by them causes price level to rise. Price level
will continue to rise until aggregate demand equals aggregate supply.
Keynesians argue that inflation originates in the non-monetary sector or
the real sector. Aggregate demand may rise if there is an increase in
consumption expenditure following a tax cut. There may be an
autonomous increase in business investment or government expenditure.
Governmental expenditure is inflationary if the needed money is
procured by the government by printing additional money.
In brief, an increase in aggregate demand i.e., increase in (C + I + G + X
– M) causes price level to rise. However, aggregate demand may rise lOMoARcPSD|44744371
following an increase in money supply generated by the printing of
additional money (classical argument) which drives prices upward.
Thus, money plays a vital role. That is why Milton Friedman believes
that inflation is always and everywhere a monetary phenomenon.
There are other reasons that may push aggregate demand and, hence,
price level upwards. For instance, growth of population stimulates
aggregate demand. Higher export earnings increase the purchasing
power of the exporting countries.
Additional purchasing power means additional aggregate demand.
Purchasing power and, hence, aggregate demand, may also go up if
government repays public debt. Again, there is a tendency on the part of
the holders of black money to spend on conspicuous consumption goods.
Such tendency fuels inflationary fire. Thus, DPI is caused by a variety of factors. 3. The effects of Inflation
People’s desires are inconsistent. When they act as buyers they
want prices of goods and services to remain stable but as sellers they
expect the prices of goods and services should go up. Such a happy
outcome may arise for some individuals; “but, when this happens,
others will be getting the worst of both worlds.” Since inflation
reduces purchasing power it is bad.
The old people are in the habit of recalling the days when the
price of say, meat per kilogram cost just 10 rupees. Today it is Rs. 250
per kilogram. This is true for all other commodities. When they enjoyed
a better living standard. Imagine today, how worse we are! But
meanwhile, wages and salaries of people have risen to a great height,
compared to the ‘good old days’. This goes unusually untold.
When price level goes up, there is both a gainer and a loser. To
evaluate the consequence of inflation, one must identify the nature of
inflation which may be anticipated and unanticipated. If inflation is
anticipated, people can adjust with the new situation and costs of
inflation to the society will be smaller.
In reality, people cannot predict accurately future events or people
often make mistakes in predicting the course of inflation. In other words, lOMoARcPSD|44744371
inflation may be unanticipated when people fail to adjust completely. This creates various problems.
One can study the effects of unanticipated inflation under two broad headings:
(i) Effect on distribution of income and wealth
(ii) Effect on economic growth.
(a) Effects of Inflation on Income and Wealth Distribution:
During inflation, usually people experience rise in incomes. But
some people gain during inflation at the expense of others. Some
individuals gain because their money incomes rise more rapidly than the
prices and some lose because prices rise more rapidly than their
incomes during inflation. Thus, it redistributes income and wealth.
II. INFLATION IN VIETNAM IN 2007 – 2012
1. Inflation in Vietnam 2007 – 2012
According to economic theory, growth, inflation, balance of
payments, unemployment. Industry are macroeconomic factors of concern,
affecting the macro balance of the economy, in which the inflation factor
is the top concern of the economy any one country. In recent times,
inflation has always been care and make great efforts to keep the abuse at a
reasonable level and at the same time ensure sustainable economic growth.
However, the CPI growth rate in. In recent years, especially 2011 has
always attracted the attention and attention of economic researchers and
public opinion. According to the data report of the General Statistics
Office (GSO), the average growth rate of the CPI (terminal CPI) in the
period 2006-2010 was at 11.48%, and reached
18.13% in calculation. by the end of December 2011, much higher
than the increase in CPI of the years in the period 2001-2010 (if
excluding 2008) and the target set by the National Assembly for the
whole year 2011 (7%). So, what is the fundamental reason for the
rapid increase of CPI in recent years?
2. Causes of Inflation in Vietnam in 2007-2012
The current exchange rate regime is the fundamental cause of inflation in Vietnam lOMoARcPSD|44744371
In 2007, Vietnam's economy continued its impressive growth rate of
8.48%, higher than the 5-year average in the period 2003 - 2007
(8%/year), being one of the fastest growing economies in the world.
fastest growing in the world. However, in the last months of 2007 and
the beginning of 2008, along with the world economic recession, the
dollar depreciated, crude oil prices increased, food and raw material
prices spiked. The impact of natural disasters and epidemics has made
the Vietnamese economy reveal the inherent weaknesses of an economy in transition.
In recent reports, the Government has identified most of the causes of
economic weakness during this period. Specifically, "the economic
structure has been slow to improve; the resource extraction and
processing industries still account for a large proportion, the supporting
industries are slow to develop, most of the materials and intermediate
raw materials for production must be imported. The investment from
the state budget is still scattered, the progress is not guaranteed, there
are many losses, and the efficiency is low... Management of finance,
currency, market, prices, import and export is not tight, forecasting and
anticipating measures and plans to cope with negative impacts of the
world economy in the condition that the integration has not been paid
due attention; the research and advisory agencies of the Party and the
State detect the situation slowly; when the situation occurs, due to lack
of experience and initiative in responding Therefore, the direction and
handling of a number of functional branches is still confusing, not
timely, lacks synchronous coordination, lacks flexibility. high in society."(1)
The cause can be pointed out, but we are still confused in managing
macroeconomic stability because there is no specific quantitative
assessment to quantify the impact of factors affecting
macroeconomic variables. scale, thereby using appropriate policy tools to run the economy. lOMoARcPSD|44744371
So the problem is to quantify the most basic factors affecting the
current inflation situation in Vietnam and propose suitable tools to deal
with inflation in the current situation. The following analysis will show
that the disadvantages of an exchange rate regime pegged to the USD
and imbalance in the economic structure causing "bottlenecks" are the
underlying causes of inflation.
Inflation in economics is understood as a general increase in prices.
Inflation is often caused by money because the state bank provides too
much money in circulation. Inflation can also be caused by an increase in
prices due to a sudden sharp increase in demand greater than the
production capacity of the economy, creating demand-pull inflation.
Rising production costs also push up commodity prices, creating cost-push
inflation. It can be said that the current inflation in Vietnam has all the
causes due to both demand-pull and cost-push and monetary reasons.
The first group of causes originates from the internal factors of the
economy. The economic growth rate has been stable for many years and
Vietnam's accession to the WTO in early 2007 has created more impetus
for the economy's development. The strong expansion of the demand for
spending, private and public investment is the factor that makes aggregate
demand hot. Total investment of the whole society in 2007 was about
493.6 trillion VND, accounting for 43% of GDP with approved foreign
direct investment capital reaching 21.3 billion USD and realized capital
reaching 6.4 billion USD, 77% higher than 2006. Total state budget
expenditure reached 399.3 trillion VND, about 11.7% higher than the
yearly estimate. State budget deficit is 56.5 trillion dong, equal to 4.95%
of GDP. Trade balance deficit was 14.12 billion USD, equal to 29% of
total export turnover, increased more than 2.5 times compared to 2006(2).
The hot increase in aggregate demand exceeds the capacity of an economy
with many "bottlenecks" related to economic, social and legal
infrastructure, which has increased inflationary pressure. However, it is
necessary to recognize that the increase in foreign lOMoARcPSD|44744371
investment and public investment in infrastructure creates more
opportunities than challenges, contributing to economic
restructuring and solving "bottlenecks" problems. , creating
momentum for sustainable development in the long term.
The second group of causes originates from external factors, that is, the
prices of all kinds of goods in the world have increased rapidly, inversely
proportional to the nominal devaluation of the USD, pushing up the price
of raw materials. input, especially crude oil, is 2 to 3 times higher than in
2003. The price of oil has increased from 53.4 USD/barrel in January 2007
to 89.4 USD/barrel in December 2007, and reached a new peak of 125.96
USD/barrel on May 9, 2008. The increase in energy prices, especially food
prices in the second half of 2007 and early 2008 was the cause of
widespread inflation in all countries of the world. By the end of 2007,
Vietnam's inflation rate compared to the same period last year was 12.63%
and by April 2008, this rate was 21.42%. Looking at Figure 1, it can be
seen that the inflation rate of Vietnam is always more than double the
inflation rate of some countries in the region.
The impact of cost-push inflation in Vietnam is often more than double
that of other countries in the region due to Vietnam's implementation
of the policy of pegging the local currency to USD(3). Countries in the
region such as Malaysia and Thailand pursue a floating policy with
regulated local currencies and have adjusted the local currency value
according to the nominal value of the USD in recent years. Even
China, which has many similarities with Vietnam in the
implementation of exchange rate policy, has adjusted up the nominal
value of the local currency in recent years. As a result, from January
2004 to now, the Vietnamese dong tends to depreciate in nominal
terms, while the currencies of other countries in the region tend to
appreciate in nominal terms against the USD.
The price of goods and raw materials in the world has increased sharply
recently because the growth of world demand has increased faster than lOMoARcPSD|44744371
the growth of supply, as evidenced by the sharp decrease in
inventories of raw materials. The nominal dollar devaluation causes
the price of goods in terms of other currencies such as EUR, GBP to
decrease relatively and further encourage demand. In addition,
investment funds around the world increased their purchases of
commodities to hedge against the risk of USD devaluation. As a result,
the price of raw materials increased to higher than normal levels, due
to increased demand and increased due to the depreciation of USD.
Countries in the region that have adjusted their domestic currency
appreciation in proportion to the nominal US devaluation (measured by
the nominal effective exchange rate index NEER) will be able to reduce
the upside impact of the US dollar devaluation. Figure 3 illustrates the
volatility of food prices in local currencies by countries relative to the
nominal price of the US dollar and the nominal effective exchange rate
(NEER). It can be seen that the world food price in VND is higher than
the price in USD because the Vietnamese dong depreciates against the
USD. Food prices in baht (Thailand) and yuan (China) are also
somewhat cheaper than the US nominal effective exchange rate
(NEER). Thanks to the flexible exchange rate policy, Thailand and
China can reduce the impact of food price shocks from abroad. Vietnam
implemented a policy of peg to the exchange rate and thus imported
food price inflation in USD terms. This may be the main reason why
inflation in Vietnam is higher than in other countries in the region.
The next group of causes causing inflation in Vietnam is the monetary
factor with Vietnam's credit growth rate increasing too fast in recent years.
In the three years from 2005 to 2007, the money supply increased by
135% but GDP grew by only 27%. The growth rate of total means of
payment and credit balance in 2007 doubled compared with the growth
rate of 2006. As of December 31, 2007, total means of payment increased
by 46.7% compared to December 31. -2006. Total outstanding loans of the
economy in 2007 increased by 57.53% compared to 2006(4). The reason
for the sudden credit growth is that the total amount lOMoARcPSD|44744371
of net foreign currency flowing into the economy in 2007 was
estimated at 22 billion USD, equivalent to 30% of GDP. To maintain
the USD exchange rate, the State Bank increased foreign exchange
reserves from 11.5 billion USD (in 2006) to 21.6 billion USD (2007)
and pushed a large amount of local currency into the market(5) .
Although it is undeniable that the monetary factor is one of the causes of
the current inflation, it is also necessary to confirm that the main cause
is natural disasters, epidemic diseases and the price of raw materials.
sudden increase in food prices. In the years 1999 and 2000, the M2
money supply was up to 56.2% at one point, but Vietnam was still in a
state of deflation. Moreover, the lag of monetary policy is from 6-36
months, so it is not an increase in money supply that immediately leads
to inflation. In the current situation, the growth rate of money supply M2
only acts as a catalyst for the process of importing inflation from abroad.
In fact, in Table 1 we can see that since food accounts for 42.7% of the
CPI, the contribution of food prices usually accounts for 70% of the
movements of the CPI. consumption CPI (considered the rate of
inflation). In the third quarter of 2007, the contribution of non-food
factors to inflation was only 3.5%. This was 4% for the fourth quarter of
2007, and even when inflation hit 15.7% in February 2008, food
contributed 10.8%. In March and April, the inflation rate over the same
period last year was 19.4% and 21.4%, the contribution of food and food
price inflation was 13.1% and 14.6% respectively.
3. Solutions to combat inflation in Vietnam in the period 2007- 2012
Monetary inflation can be solved through credit tightening, but demand-
pull or cost-push inflation can only be solved through structural
adjustment and stabilization. The implementation of the monetary
tightening policy in the first months of 2008 through the adjustment of
the reserve requirement ratio, the adjustment of the basic interest rate,
the rediscount interest rate and the mandatory issuance of bills to attract
less money. From circulation, reducing pressure on inflation, controlling lOMoARcPSD|44744371
credit growth scale revealed many systemic and structural problems,
threatening the stability of the financial system.
It is necessary to determine whether inflation is caused by a monetary
problem, if so, to what extent, and how long the Government's
intervention must take place. The sudden tightening of credit in the first
months of the year shocked the financial system, putting the financial
system at risk of crisis, and the economy could fall into a state of
stagnation or recession. Research on inflation in Vietnam needs to show
when monetary tools can be used, when structural problems need to be solved.
The recent increase in inflation is mainly due to the increase in food
prices according to the general situation in the world. The reason for
higher inflation in Vietnam than abroad is that the unfavorable exchange
rate regime causes Vietnam to "import inflation" of food prices in USD,
and amplifies the corresponding increase in food prices. compared to other countries.
Punishing the financial and banking system with administrative tools
will not solve the problem of non-monetary inflation. Currently,
countries around the world often use the core inflation index, which is an
inflation index that excludes large volatile factors such as food and
energy prices, to monitor factors such as: monetary inflation. When the
core inflation index is within the expected limit, but the consumer price
index remains high due to non-monetary factors, structural adjustment measures are required.
The gradual shift from operating monetary policy according to the
quantity of money supply to a monetary policy framework that achieves
the inflation target will help to make monetary policy transparent. The
exchange rate policy needs to be flexible and managed based on a basket
of currencies, not only tied to the USD, and at the same time
diversifying foreign exchange reserves to avoid the risk of devaluation
of the USD. The government needs to quickly improve the information lOMoARcPSD|44744371
system for macroeconomic forecasting and make it public and
transparent. There should be research coordination with scientists to find
solutions and close coordination between agencies in policy
administration. Define specific goals in order of priority, avoid the
ambition to achieve all goals and ultimately achieve none. Develop a
mechanism to monitor and administer monetary policy and financial markets.
The increase in prices of essential commodities such as gasoline, coal,
and electricity needs to be carefully considered in time and analyzed for
its impact on inflation. Measures should be taken to stabilize prices of
petrol, food and other raw materials for a period of 6 months to 1 year
through risk management measures such as hedging gasoline prices,
using forward contracts. , options or swaps.
Controlling inflation and stabilizing the macro-economy must be
identified as the top priority goals in the current period. However,
inflation control needs to be implemented in a transparent and
transparent manner, so that banks and credit institutions have the
opportunity to prepare and avoid causing shocks to the financial and
banking system like in the past time. may increase the risk of a system- wide crisis.
III. ASSESSMENT OF INFLATION OUTLOOK IN 2022 IN VIETNAM
According to a representative of the National Financial Supervision
Commission, from 2015 up to now, inflation has been well controlled,
ranging from 2-3%; in which core inflation is only 1-2%. This is a good
level compared to a developing economy like Vietnam.
Notably, inflation control in recent years has been very well coordinated,
creating a certain foundation to create conditions for Vietnam's economy
to withstand external price shocks. lOMoARcPSD|44744371
However, since February 25, 2022 until now, the world crude oil price
has increased too quickly and suddenly. Within just 2 weeks, the US
Energy Information Center had to continuously adjust the average
trading price of crude oil, which has increased by more than 50%
compared to the transaction price in 2021. This has led to an increase in
price momentum. of other basic commodities on the market such as iron
and steel, fertilizer, coal... and put great pressure on inflation.
"According to our calculations, the average inflation in the first quarter
of 2022 compared to 2021 may increase in the range of 2%-2.2%," said Mr. Khang.
Further analysis, Mr. Khang said, along with the price increase of basic
commodities, the start of the large-scale economic recovery package will
definitely boost aggregate demand, creating a pressure factor. up
inflation. However, this pressure will be slower due to policy lag
This inflation cycle is different from previous inflation cycles. That is, in
the previous inflation cycles, aggregate demand increased too quickly,
higher than the economy's potential output, created an output gap and
put pressure on inflation. Meanwhile, inflation this time was affected by
the shortage of basic goods to serve production.
Therefore, in the context of great inflationary pressure like now, Mr.
Khang said that it is very difficult to demand growth at the previously
set level while inflation is still below 4%.
“Are we limiting ourselves to our potential? Can we accept that at a
slightly higher inflation rate, can we adjust the average inflation below
5% (plus minus 1%) to achieve the expected growth rate?", asked Mr. Khang. .
INFLATION RIGHT DOESN'T NEED EXCHANGE RATE lOMoARcPSD|44744371
Commenting on the topic of increasing gasoline prices, a representative
of the National Financial Supervisory Commission said that world
gasoline has been in an uptrend since March 2021 when the world
economies entered the recovery phase.
"This increase, combined with the conflict between Russia and Ukraine,
has made oil prices increase faster, stronger and more suddenly in recent days," Khang said.
This sudden price increase puts great pressure on inflation and pushes
investors' demand to shift to other asset channels such as gold or real estate.
"However, inflation is not the main reason for gold's price increase,"
said Deputy Director of the National Financial Supervisory Information Center.
But at this time, investing in gold is quite risky because usually after
each short-term up cycle, gold will turn down at least 10-20% depending
on the world geopolitical situation.
Regarding exchange rate, Vietnam's exchange rate does not depend
much on inflation but on the move of the US Federal Reserve (FED) on
March 16. Because if you look closely, you can see that inflation in
Vietnam is lower than that in the US.
Besides, Mr. Nguyen Ba Khang also said that stabilizing the exchange
rate in our current context is not a concern because in the past period, we
have created a foundation with many advantages. favorable factors to
stabilize the exchange rate. Accordingly, the operating method has made
the supply and demand of foreign currencies more stable while foreign
exchange reserves increased very quickly, which creates great
convenience in monetary policy and exchange rate management in 2022. lOMoARcPSD|44744371 IV. CONCLUSION
Inflation is one of the four most important factors for every
country (high growth, low inflation, low unemployment, balance of
payments balance). The current inflation situation in Vietnam has
reached an alarming level of double digits, exceeding the maximum
allowable inflation threshold of 9% of each country. This will lead to
many negatives in the economic life of the government: the destruction
of the national economy. In addition, it has a strong impact on the lives
of people, especially the poor, when prices are on the rise.
Strict monetary policy implementation is meaningful in controlling
inflation. Recently, the State Bank has assumed responsibility for
stabilizing the value of money, fighting inflation and has successfully
applied monetary policy tools such as compulsory reserve policy, limit
credit levels, opening interbank domestic and foreign currency markets, bidding for treasury bills...
However, inflation is a permanent phenomenon of the circulation of
paper money in our transition economy, the risk of high inflation is also
often a concern. Therefore, a sensitive tool such as monetary policy
cannot be taken lightly. On the other hand, it is necessary to further
improve monetary policy in controlling inflation at an appropriate level,
with fast economic growth in macroeconomic stability contributing to
keeping the country from lagging behind other countries. water in the area. REFERENCES
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