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Saturday, June 22, 2024

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Monetary policy challenges

Were interest rates recently hiked to either “harmonize” with foreign exchange rate management objectives, or indicate a shift towards ending the monetary loosening policy intended to support the economy? Interest rates are rising again The State Bank of Vietnam (SBV) increased interest rates for open market operations (OMO) and Treasury bills on May 22 this year. The SBV lent nearly VND25,000 billion to nine members in the seven-day OMO channel at an annual interest rate of 4.5%. Compared to the previous session, both the loan amount and the interest rate were revised up. This was the second time in a month that the central bank hiked the OMO interest rate. Previously, it adjusted up the yearly interest rate for loans from 4% to 4.25% on April 23, with securities used as collateral. Also on May 22, the SBV issued VND650 billion in 28-day Treasury bills with a winning coupon rate of 4% per year, up from 3.9% in the previous session. The higher OMO and Treasury bill interest rates indicate that the SBV is seeking to revise up short-term rates. The rate hikes took place at a time when the exchange rate between the Vietnam dong and the U.S. dollar […]
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Reining in Vietnam dong weakness

The interest rate differential between the Vietnamese dong and the U.S. dollar has placed the foreign exchange rate under pressure since 2022. Nguyen Duc...

Will interest rates stay steady?

Market watchers have argued that interest rates will continue rising and that the State Bank of Vietnam (SBV) may revise up policy rates to...

The liquidity gap

The central bank’s seven-day bank bill buybacks and its additional issues of 28-day bills indicate a clear divergence in the current liquidity landscape among...

Credit card debt recovery

Financial expert Bui Kien Thanh said that in the United States, those who are late or fail to pay their credit card debt are...

Making interest rates transparent

That credit institutions are required to publicize their average interest rates for loans may be used as a tool to compete for customers. Interest rates...

Investor anxiety is high

If the gold rush either continues or intensifies without timely interventions by regulators, Vietnam's macroeconomic targets for 2024 might be affected. Associate Professor Dr....

Savings rates decline further

HCMC - Commercial banks have continued savings interest rate cuts, with BIDV taking the lead by reducing rates by 10 to 20 basis points...

Banks slash deposit rates further

HCMC – Three State-run banks – BIDV, VietinBank and Agribank – further cut deposit rates by 20 to 40 basis points today, January 17. BIDV...

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