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Tuesday, June 25, 2024

Overnight interbank rates surge

By Nguyen Tan

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HCMC – Overnight interbank interest rates in Vietnam have surged to a two-month high, nearly quadrupling compared to the previous week, according to data from the State Bank of Vietnam.

In the trading session on December 26, the average annual interbank interest rate for overnight terms sharply rose to 1.02% from the previous session’s 0.74%. This increase was not limited to overnight rates, as interest rates for various maturities also soared.

Rates for one-week terms increased by 1.58 percentage points over the previous week, reaching 2.14%, while two-week tenors saw a 0.78-percentage-point rise, settling at 1.95%. Rates for one-month terms climbed by 0.51 percentage point to 1.98% week-on-week.

Compared to the end of November, overnight rates have increased by 0.85 percentage point, while rates for one- to four-week terms have surged by 1.45-1.78 percentage points.

As of December 13, credit had risen by 9.87% in the entire banking system since January, falling well below the expansion target of 14%.

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