Four out of five market participants on October 20 won the bid for this amount of treasury bills with a term of 28 days and an interest rate of 1.45%/year. This is the highest interest rate in the open market in the past month. Thus, the operator has absorbed about VND261,000 billion in money from the market in the past month. However, with a term of 28 days, the treasury bills won in September are starting to mature, and the State Bank is injecting money back into the market.
The withdrawal of money by the operator has partly pushed the interest rate in the interbank market up slightly from 0.2 - 0.3%/year. Specifically, the average interbank interest rate on October 18 for overnight term increased to 0.78%/year, 1 week to 1.04%/year, 2 weeks to 1.24%/year, 1 month to 1.48%/year, 3 months to 3.4%/year...
Winning interest rate on treasury bills increased
Although the amount of money in the market has been withdrawn, the USD price in banks has continued to increase by 150 VND compared to the beginning of October. Banks have slightly adjusted the USD price down after a sharp increase. On the afternoon of October 20, Eximbank reduced the USD price by 30 VND, to 24,270 - 24,350 VND for buying and 24,660 VND for selling. At Vietcombank, the buying price is 24,330 - 24,360 VND, the selling price is 24,700 VND...
According to KBSV Securities Company, the fact that interbank interest rates are still very low, interbank exchange rates are still high and the VND/USD interest rate gap remains high stimulates speculative trading activities, putting pressure on the exchange rate. Therefore, although the treasury bills are due to mature, the company believes that the State Bank will continue to issue new treasury bills to replace the matured amount. KBSV offers 3 scenarios, specifically the exchange rate remains at 24,000 - 24,400 VND when the State Bank issues an average volume of treasury bills of 12,000 billion VND/session; the exchange rate exceeds 24,500 VND in the case of treasury bills of about 20,000 billion VND/session; the exchange rate increases to 25,000 billion VND when the State Bank is able to sell foreign currency for a term to stabilize the market.
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