Eleven out of 12 members won the bid for treasury bills in the open market on March 15 with a total volume of VND15,000 billion. The winning interest rate decreased slightly compared to the previous days, to 1.38%/year (down 0.02%/year) for the 28-day term. This is the fifth consecutive day that the State Bank has withdrawn a total of VND75,000 billion.
The operator's money withdrawal activities also failed to maintain the momentum of increasing interest rates. VND interest rates decreased by 0.01 - 0.44% compared to the previous day, blowing away the increase compared to the beginning of the week. Overnight interest rates are 0.86%/year, 1 week 1.09%, 2 weeks 1.44%, 1 month 2.04%, 3 months 2.81%... However, VND interest rates are still lower than USD by 1 - 4%/year. USD interest rates fluctuate from 5 - 6%/year.
State Bank net withdraws 75,000 billion VND this week
Abundant liquidity in the market has caused interest rates to fall, leading to the risk of short-term USD speculation, causing the exchange rate to increase. The USD price in the interbank market has reached its highest level in the past year, increasing by nearly 25 VND to 24,725 VND.
Banks continued to increase the USD price by 20 VND, Vietcombank bought at 24,520 - 24,550 VND, sold at 24,890 VND; Eximbank bought at 24,490 - 24,570 VND, sold at 24,880 VND... In the past week, the USD price has increased by 80 VND. In the free market, the greenback price has continuously increased to a high level, by 70 VND, bought at 25,560 VND, sold at 25,640 VND.
According to UOB Bank's forecast, the USD price will be at 24,400 VND in the second quarter of 2024, decrease to 24,200 VND in the third quarter of 2024 and at 24,000 VND in the fourth quarter. The greenback price will be at 23,800 VND in the first quarter of 2025.
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