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SBV makes significant net withdrawal to stabilise exchange rate
Analysis shows it's an intervention to manage system liquidity.
the headquarters of the State Bank of Việt Nam in Hà Nội. — Photo vneconomy.vn
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The State Bank of Việt Nam (SBV) made a net withdrawal of nearly VNĐ52.6 trillion (US$2.07 billion) from the interbank market last week, according to data from WiChart, the largest financial database in Việt Nam.
Specifically, from January 6 to 10, the bank net withdrew approximately VNĐ33.6 trillion through treasury bills and nearly VNĐ19 trillion through collateralised loans.
According to analysis from the MB Securities Joint Stock Company (MBS), with pressure from the increased exchange rate, this is one of the several monetary market interventions implemented by SBV to manage system liquidity.
On the market, the overnight interest rate gradually increased throughout the week, from 3.91 to 4.76 per cent.
However, longer-term interest rates, ranging from one to 12 months, decreased by the end of the week compared to the high levels observed in December 2024, remaining around 5.14 to 5.4 per cent.
In December 2024, SBV issued nearly VNĐ124 trillion in treasury bills, with an interest rate of 3.9-4 per cent, with maturities of seven, 14 and 28 days.
The bank also injected approximately VNĐ172 trillion through open market operations, with an interest rate of 4 per cent and maturities of seven and 14 days.
Bizhub
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