Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
DANH SCH NHM I – LP TCDN Đ5 – K20
 H PHAN KHNH LINH
 NGUYN TH THANH HI
 TRN YN MINH
 THI I UYÊN
 LÊ HO"NG NGUYÊN
 TRN TU#N L$C

GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
MỤC LỤC

 TỔNG QUAN VỀ CHÍNH SCH TIỀN TỆ QUỐC GIA
 

  !"#

 $"%&'()*+",
 '- .# !"#
 '- /01
 '- ) ""#
 '- 2345"
 '- .#"%&'()*+",
6 SỬ DỤNG NGHIỆP VỤ TH TRƯỜNG MỞ ĐỂ THỰC THI CSTTQG
 "%&'()*+",
 723"%&'()*+",
 %*/"849 : 3,;$#
 <=>'""%&'()*+",4?@<AABC
 $"%&'()*+",DEFFFGFFH

M#3M.#MNV*8Cfg@V9"%&Rh"!
42i
 Nghiệp vụ thị trường mở
$"%&'()*+",7R2345" #0"9b+c""Y#"e
R") "*/"&R\8>'"AU" #2345" #0"9b
+c"V"eR") "*/"45")@N%4N" ]&!M1>'".#
\8>'"VD4c4 N7*X" "8"&R45""
N%4N7[ 9()*+"
2345""%&'()*+",jk%l#)Mlk%l)#2m7R
%*/" #)_"4?)?M#&R@$"e
R") "*/".# !"#=>'""%&'Rb4?4 N7*X" "
 !"#?7R&4cV$"eR") "*/"j$nAom #G0
8"M2>2%.%RVp"&SU"'RM

GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
'- .#&4 M?7[ 9()*+"#bq"7R
4(*S"4?)?M#2345""%&'Rb
 Mục tiêu của chính sách tiền tệ quốc gia:
 Mục tiêu cơ bản
 Ổn định giá cả
r4("14*X27R'- .#MNr4("1
7R4 #d"2" !0,&Z8"1E"7-j73%m"eb-Z
)3"09%0-)2"MN;>'VU"8#4@")2""1R"
c#&R>(&'sMc"1/M8" ".#"14 #b4\
&R>2&^bY""*+- >p"VRM>2#&R%.),-)9
Mc)# bN4(5&>'@42#9.#"1MU"\4(7R-
73%R84[)1 #Y"EJtJA)2"#E !.#
- 73%V2345"MN.#8j0W"\"1%u !>em0(

?p"2RR'- 54`"4a&RO9
 Mục tiêu trung gian
?0N'-  !p"c)-c@4*XMU"VZ
$nAo%1  + 5+  "#j*+"7R  5Et  MMN` E
Rm`RbVN MN 1@MU"434*X*'- 4)#V
Zs ^4?NR09MZ=#Y#R2f2&^bV0-3'
-  !p"V$nAoy%1O4('- ) ""#.#
W434N'-  !p"'- ) ""#.#
7R'- >2$nAo7@#_W434*X'-  !p"
&R%1c7-&S'-  !p"A-  u4?$nAo*S7@#
_'- ) ""#7Rvc?427*+"4*X5O&R#
c"4?$nAo4 h*S"45"M:NVcM1E"M?
24*X&Rc7-Ks&S'-  !p"j4eb7R-  u #
)_"9.#'- ) ""#m;SY"-  u4cV'-
) ""#.#*+"4*X$nAo=>'"7Rvh-
\"X%7*X" "8"v7R7*X") ""#%11\7[ 9z
h- 7[ 9v4?> b)Z'- 7[ 9V8 "&R/,s0N
45"
 Mục tiêu hoạt động
?434*X'- ) ""#)-V'- ) ""#73N%'
4*XNc#0W"Y"'- 2345"'- 2345".#

GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
7R'- >2$nAo7@#_W434*X'-
) ""#$cc%18"8+&SY"#b4\)2"=>'"U"'
.#A-  u7@#_'- 2345"vc! #
^N&S'- ) ""#V$nAoc?427*+"4*XV( @
45".#U"'"N%h- *+"4*X7@#_v&7*X"7R

$"2R&4 h7[ 9"a3*4[cV5!'- M
d"c?M?Scc?7R'- E"7*X" "*n2#•
4[7R&R2"#423 !Y"E^%-JHF2S4: JIF+M•
U"g# 7;27Ml)7R.(„ƒf„ >$"%&'()*+",y
*+"4*X=>'"4?> b)Z8h"!424[94(*/"8"&S
5!723"23R24cA)*+"X%01&(&R"Z"%&'Rby
4*X=>'"4?> b)Zh"*/"8"&S0N45""&R"V"T#7R"
)(5,8M!4(2&S"&R"
$nAoc?=>'"€%#NX%9€l27 7*X"#b
4\pb&R2ZZ.#MN4?43'- $nAo
c?MNKh"4]"0W"4*#)#8#MNM#
.#Rb4?()*+" ^ ;MN>
RR"7x"V$nAoR"%1,)5"%3&0N!_45"7-
j*7R&S7237[ 9M# m$nAod"c?a&R25"x
4]"V*M? )*+"X%>@)Y"23!V#b&Zha&R25
4]".432"23!R24cA)2"5!Z !"V$nAo4*X
 b=>'"%*/"0\ "4?E"*+"83.#45"
"%&',*E""17*X">@)Y0a0 5VM?2" ]&!&R2G
)#jM? A#S7R":4eb4: FFHm$c "4 45"&R2
7*X" ")2"MN
C2*…20l) >l77jJImd"4*#)#7 ^ bN)W"M=>'"
"%&'()*+",V{7:*&^bc7sh434*X5'- > b
935+4?RUAl27^%7 ^.#U"VMU"?Z
p"7`45"S7[ 9*"73l24 \01&(&R"&S
4]"n2K7RM4#"Z1*,"7-7[ 9.#()*+"Vh
"!42s0(1*,"l2•&R2EFFV'>@)Y7-0#"
4K)#'- 7[ 9#22M7[ 9.# •„ƒf#2/'-
H
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20

"%&'()*+",.bN 4*X@4!&S)%N %.
I
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
>R3;#Vl2 ^$"eR"$R*S;#V"%&'(
)*+",h7R& #0"9b+c""a3*%N M203V
8"h"=V%N $"eR"$R*S&R"9b+c""a
3M
A)2""%&'()*+",%1c@#"#.#$nAo0,&ZN
MU"c$nAo#"#Zc "M!7*X"sMU"#b4\
5"eR"*/"3Rbj$nAm08"M225$nA
MVO|)2"2R'h7R@>( b?8"M2&R> b?
"*X73.#5%:>@)Y4#">*D#D$nARb#"$nAM
4#"N &!RU
c#723"%&'()*+",v
Nghiệp vụ thị trường mở năng độngvW#b4\>@)Y&R/!
Nghiệp vụ thị trường mở thụ độn: W0p73Y" b?45".#
e!M4[1*,"4N/!V&>'*#b4\)2""=
M203R*S3$nAo2K\i
$nAoNR"%&'()*+",&S)%N %.V
%N M203&R8"M2.#/ #$R*SM7R&Z()*,"
.#Y"8"M2Rb)97x"&Rc> "7*X"M>2#7S9A(
)*+"RbcM1E"N%^4*X57*X")97S"%&'.#
$nAoRMU"7R"10N45" 3c?7R2()*+"
'%4\
$"%&'()*+",.#$nAo*+"4*X@l2#
.bN v"#2>(MU"2R73&R"#2>(c2R73
Giao dịch không hoàn lại (Các giao dịch mua đứt bán đoạn)
"#2>(MU"2R730#2"]"%&' #V08"

MU"2R12>}4N&=>'""1%%Ma%'
Thứ tưV7R0S+"#U"02V>24cR"10S0N45".#(
)*+")*S bN4(R""Rb.#$nAo
$"2R)#V5723"%&'Md"4*X$nAo=>'")2"
"%&'()*+",*vgR8"hX.#$nAozC#2>(
24\8"M24N3zC#2>(24\"23
 Các phương thức đấu thầu hiện tại ở Việt Nam:
 Đấu thầu khối lượng:
F
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
Al2 bN"%&'()*+",0#RM‹l2 bN4(!
FŒFFHŒBG$n$$"RbŒŒFFH.#"eR"$R*SZ%*/"849
: l2M!7*X"4*X@*# v
G $"eR"$R*SU"022\8>'"87[ 9
49 : z
G $"eR"$R*S bN4(U"022KMU"U"02M!
7*X""9b+c"$"eR"$R*S: #2K0)*S{
%-49 : z
G A\8>'"4E"ML>@: M!7*X"723"9b+c":
 #2K0l287[ 9$"eR"$R*SU"02z
G A)*+"X%\"M!7*X">@: .#\8>'"0W"2K
9%/M!7*X"$"eR"$R*S: #2K0ZM!
7*X")`": 0W"M!7*X".#\8>'"4K: &R
M!7*X")`": .#D"\8>'"7RM!7*X">@:
.#\8
G A)*+"X%\"M!7*X">@: .#\8>'"&*X 
M!7*X"$"eR"$R*S: #2K0ZM!7*X""9b
+c")`": 0W"M!7*X"$"eR"$R*S: #

$R*S #"9b+c"m2K7[ 9>@: #29j)*+"
X%$"eR"$R*S0"9b+c"m)2"%3&7[ 9h
432.#6# R"%&'()*+",R387[ 94c
434*XM!7*X""9b+c"$"eR"$R*S: #2K
0z
G !7*X")`": .#\8>'"7RM!7*X".#
8>@: c7[ 90W"&R#2/87[ 9)`": j)*+"
X%$"eR"$R*S #"9b+c"m2Kc7[ 9>@:
0W"&R9%/7[ 9)`": j)*+"X%$"eR"$R*S
0"9b+c"mz
G $"eR"$R*S bN4(&RU"02&%>'"%*/"
8O|: l287[ 9!"92K7[ 9)-"7Š)2"
D"+M•v
+ [ 9!"9vA2R05M!7*X")`": 4*X!"
9l2587[ 9)`": z
+ [ 9)-"7ŠvAD"8M!7*X")`": 4*X*/"
8"&SD"87[ 9>@: 4*XO|7R7[ 9)`": z
G A)*+"X%387[ 9)`": V\"M!7*X">@: .#
\8>'"&*X M!7*X""9b+c"$"eR"$R

GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
*S: #2K0VZM!7*X""9b+c")`": .#
\8>'"387[ 9)`": 4*X%e0\q7 ^&S
M!7*X">@: .#\8>'"387[ 9)`": &R
4*X4N4/&(4]"z
G A)*+"X%387[ 9)`": .#5\8>'"c
 723"9b+c": #2K0V$"eR"$R*SO|
: O4(l28@D"723"9b+c"*49 : l2M!

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FFF JF IF IH F 
FF J F  HF F I FVH
FF J H JFF FI V
FF I JI F JI V
FF J FJI JF F JV
FF FHJ FFHJ FF HFF J V
FF  IF  JVJ
FFH  IIH  JH
Tổng 436.738 540 357.441 77.056 1.700 373 81,04
Nguồn: Ngân hàng Nhà nước Việt Nam
AU" #2345"kkV$n$$MU"h #CAC4?0/-
&!M1>'"M()*+"N '&!M1>'"&RRy0CAC4?`
R){M()*+">*D#&!W@'- <AAf2#!
)`": kkE"3 #EV) "0ZE"VIF7:ŒEV #4c
E"M1E"4 N.#U"'Rb4N&!M1>'".#AAf
 Tần suất và phương thức giao dịch trên thị trường mở
# Tần suất giao dịch
?E"*+"M1E"45".#U"'RbV$n$$4[E": 9
"#2>(()*+",A)2"+"#4: MS)?M#V%-kk
4*X\8&S: 9F"RbŒ%-$"Rb"#2>(kk4*Xl2

FFFŽ H  F  F F"RbŒ%-
FF I  J    :Œ%-
FF I  I  F  :Œ%-
FF FH F   F  :Œ%-
FF  F FJ F   :Œ%-
FF I F F    :Œ%-
FF  I H  :Œ%-
FFH   H   :Œ%-
Tổng 858 8 719 109 22
Nguồn: Ngân hàng Nhà nước Việt Nam, (*) từ 12/7 đến 31/12/2000
$n$$.bN @"#2>(W "8"&!M1>'"2
AAfVNSHJV•\"!%-kk%-"#2>(W9%'
&!>*D#.#!""eR"4*X\8)9V4 RbO 9%D@
N.#!""eR"7R*+"O b-N '&!4?4%8" : 
>'"&R#2.#M
0 Phương thức đấu thầu, xét thầu
Bảng 1.3 Phương thức đấu thầu, xét thầu trên thị trường mở
Năm Tổng số Phương thức đấu thầu Phương thức xét thầu

GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
Lãi suất Khối
lượng
Riêng lẻ Thống nhất
FFFŽ H    
FF I    
FF I I H H I
FF FH II J I 
FF   F I F

"#2>(E"":F•2&SEFFH R723AA4["c%%:
M?273%RU"V41012M1E"#M212\8
>'"jAAfm&R@0&Y".#!""eR"
$EFFI<,C#2>($n$$4[\8F%-"#2>(AAVE"
H%-2&SEFFH #"9b+c"jCACmN4NVH•\"
%-"#2>(&S>2#!)`": NJV•U"hE"!%-
"#2>(V>2#!"#2>(d"E"Mq7'2&SEFFHV)2"4c.bN
7R"#2>( #cM•3jE""9%7:2&SEFFHmA)2"M4cV"#2
>(0‡hyHIHq4]"V"1V7:2&SFFH
$Y"2!)-%:R2%1@€5(%€)-()*+"
B LŒFFIV)-AA&}>w)#1#%-"#2>( #0OlMs#
*"AAf.bN #"# #A)*SZZ$nA3b4 #
E"7[ 9 b45"4? `&!)-()*+"V$n$$4[%>'"0
%%3*M!"N7[ 9 b45"!4#Ve"7[ 9/01V7[ 9
NM9 A)2"#"4: EFFIV$n$$%>'"1#%*/"%%
49 : 7[ 9&R49 : M!7*X"$*"4N"Y#"ŒFFIV>27[ 9
4K: &Ra": 0a4: E"#2V$n$$h=>'"%*/"849 :
M!7*X"&S7[ 94*X!"9W324(*S"2()*+"<#"
 LŒFFIM" ]&!)-()*+""RbR"M#NV4?41012
#M212!""eR"V$n$$5K@aKV
KM&} "9%#M212AAf #M-AA*X"&!0/)#
)-AA+M•RbN4NJJV•\"M!7*X""#2>(RU"
)-AAAA4[),RU"'Y  .#$n$$d"*AAf)2"
+M•Rb
<@RU".#AA4[ `"RbR" AAf#"#$N
EFFHVAAcR&-ZEFFI4[E"7-AAfz)2"4cc
AAfc"#2>(*+"O b-)-AAVE"VH•2&SE)*S
H
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20

"eR"*S"2RVFU"bR
f2#!"#2>()-"%&'()*+",7-'E"VE# #2
/E)*Sl21#  #&R0$EFFIV\">2#!)`":
7RFFq4]"V4N !EFFV\">2#!)`": 7RFIHq
4]"A)2"Z8"#2>(()*+",ZZ8$n$$ #
CACG•0/•)#7R.bN Vc+4?7RFF•)2"\">2#!)`"
: *"4: EFFJ&REFFA b-V"4: EFV
$n$$73•`•7R.bN Vj"&Rmz$n$$h0/)#M21"Fq
4]" Rb29b()*+",7R5•M-• "8"2K `
& #)_".#$n$$W@'- .#<AA!7*X""#2
>()2"D"%-d""RbR"E"D0Z eHHq4]"Œ%-E
FFI7-  F  q  4]"Œ%-  E  FF  &R  J  q  4]"Œ%-  E  F
A)2"EFFIV)*SY"0N45"09*+".#()*+"VW4%
8"M1E"#22AAf>2#!"#2>(c%-7RFFFF
GFFFq4]"V#"EFFV":4N+4? !EV>2#!"#2>(V
c%-7RFFFFq4]"VY""4: EFVc%-"#2>(7-4N
FFFq4]"$*&^bVMAAfN '"-)_"&!M1>'"Z
()*+",@@7R•%#2•{)X2AAfRbV01241M1E"
#22AAf)2")*+"X%()*+"cY"0N45"45
O 9 Rb4["c%%:\4(()*+""#b8ZV4%8"b-
: 4 N&!M1>'".#R&-#"#()*+",
A)2"":E),734ebV$n$$.bN @49 : M!7*X"
&SM!7*X"4*XU"0!)*S)2"Y"%-R2 #!7*X""#2
>(0Z e)2"D"%-E">:)2"E8"x"%&'(
)*+","RbR"4c"&#)y #)_"45"4N\"7*X")2"
MNjm
J
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay

012M1E"#2#c"VM(%+$;AA4#">:),RM-
.4324?$n$$0/)#MN&R &D7* U"V"c%%:
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)X#M21)@N%2$nA bUxV"Y\4(7[ 9/01V
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)*+",*#4*X4#>3"z()*+",*#@@7RU"'4*X=
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4\S&R b?0N@V*"*#@@45"3s4N
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
GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20


GVHD: TS Trần Thị Mộng Tuyết Nhóm thực hiện: Nhóm 1-TCDN Đ5-
K20
Sử dụng nghiệp vụ thị trường mở trong việc điều hành CSTT quốc gia ở Việt Nam hiện nay
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