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Monday, June 24, 2024

Interbank interest rate steady

By D.Nguyen

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HCMC – The interbank interest rate has stabilized after an upsurge last week, but it remains considerably high compared to earlier this year, data from SSI Securities Corporation showed.

The overnight rate was around 4.5% per year, down by 40 basis points, while one-week and one-month rates inched down by 4.8-5.2% per year.

The State Bank of Vietnam (SBV) revised down the overnight rate on September 19 to 4.26% per year and the one-week rate to 4.39% annually.

Bao Viet Securities Company said the central bank’s injections of over VND151.7 trillion via open market operations for three weeks in a row had helped improve liquidity at commercial banks.

SSI said that given the spike of liquidity in the banking system, the central bank issued VND44.6 trillion worth of T-bills, with a seven-day maturity and a coupon jumping to 4%, up by 130 basis points against the previous issue, to withdraw cash from the banking system.

The central bank has been proactively regulating liquidity in the banking system to prevent a money oversupply as seen in 2020-2021, according to SSI.

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