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SBV pumps more money into banking system post Tet

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) has injected more money into the banking system since the Lunar New Year (Tet) holiday ended more than 10 days ago.

The central bank on February 3 bought over VND2.4 trillion worth of seven-day valuable papers with an annual coupon rate of 6%, while draining VND15 trillion from the banking system by selling Treasury bills with a seven-day tenure and a coupon rate of 5.79% a year.

The net withdrawals amounted to nearly VND12.6 trillion. That, coupled with the SBV’s injections from January 27 to February 2, brought the total net injection to over VND65.8 trillion.

From January 27 to February 2, the central bank purchased valuable papers valued at over VND78.4 trillion with a seven-day term and an annual coupon of 6%.

Meanwhile, interbank interest rates have edged up since the end of Tet, a clear indication that the banking system still has liquidity problems.

Data from the SBV showed that overnight rates rose from 6.13% on January 27 to 6.26% on February 2.

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