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SBV withdraws VND146 trillion via bond sales

By Nguyen Tan

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HCMC – The State Bank of Vietnam (SBV), the central bank, has drained nearly VND146 trillion from the banking system through 13 recent short-term bond auctions.

In an auction conducted on October 9, the SBV sold 28-day G-bonds worth VND5,000 billion to four out of 10 bidders with a coupon rate of 1%, reported the Vietnam News Agency.

The volume of G-bonds successfully offered at this auction is lower than that of previous auctions in terms of winning bidders and coupon rates.

The SBV’s G-bond issues are believed to cope with the huge amounts of idle cash in the banking system in the short term and ease pressure on foreign exchange rates between the Vietnam dong and the U.S. dollar.

Following the recent back-to-back short-term bond issues by the SBV, the pressure on exchange rates has eased slightly. The central exchange rate between the dong and the dollar quoted by the SBV on October 10 was VND24,069 per dollar, down VND5 compared to the end of last week.

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