ANTD.VN - Interbank interest rates have dropped sharply from the peak of over 4%/year to below 1%/year. The State Bank has also taken action to withdraw money, thereby showing that the liquidity of the banking system is very abundant.
According to data from the State Bank, the average interbank interest rate for the most recent announcement on March 8 has dropped sharply to only 0.77%/year for the overnight term, from 1.17% in the previous session.
Similarly, the 1-week and 1-month terms also decreased from 1.32%/year and 2.13%/year to 1.0%/year and 2.05%/year, respectively.
Thus, interbank interest rates have continuously cooled down over the past 20 days. Accordingly, on February 21, overnight, 1-week, and 1-month terms reached very high levels, respectively 4.14%/year; 3.81% and 2.55%/year.
Not only that, trading turnover in this market also decreased sharply, from around 320,000 billion VND in mid-February to only half, approximately 160,000 billion VND in the session on March 8.
 |
Abundant liquidity of VND, while exchange rate is still hot |
The cooling of interbank interest rates and low transaction turnover show that bank liquidity seems to have passed the previous period of local tension.
Not only that, the excess liquidity is also reflected in the fact that the State Bank restarted the issuance of credit notes for the first time to withdraw money, after more than 4 months of silence.
Accordingly, in the open market, in the two sessions on March 11 and 12, each session the operator issued nearly 15,000 billion VND of 28-day term bills, with interest rates at 1.4%/year.
Thus, after 2 sessions, the State Bank has withdrawn nearly 30,000 billion VND from the banking system through the credit bill channel.
The State Bank's proactive withdrawal of liquidity is considered a move to reduce pressure on exchange rates as the USD has maintained an upward trend since the beginning of the year.
In a related development, the operator has also continuously cooled down the central exchange rate in recent sessions. In the session on March 12 alone, the central exchange rate decreased by 17 VND, down to 23,955 VND/USD. From the peak of 24,017 VND/USD 5 days ago, the central exchange rate today has decreased by 62 VND.
Although the exchange rate at banks and on the free market has cooled down a bit, it is still at a very high level. By the end of March 12, the exchange rate at Vietcombank was trading at 24,460 - 24,800 VND/USD; the free market exchange rate was at 25,480 - 25,600 VND/USD.
Source link
Comment (0)