HÀ NỘI — The State Bank of Việt Nam (SBV) has issued record high bills worth some VNĐ92.1 trillion (US$4.05 billion) until Monday to withdraw money from the banking system.
Reports from VP Bank Securities Company showed that last week alone, the SBV made a net withdrawal of VNĐ50.5 trillion through the open market operation with the issue of bills with terms of 14 and 28 days, at interest rates of 0.6 and 0.9 per cent per year, respectively.
Despite the withdrawal, the interest rate of Vietnamese đồng loans in the inter-bank market still declined sharply. The rate on Monday dropped by 0.02–0.05 percentage points for most terms against the previous week.
Specifically, the overnight rate on Monday fell sharply to 1.16 per cent against more than 4 per cent before Tết (Lunar New Year). The rates for one-week, two-week and one-month loans also reduced to 1.34, 1.66 and 2.40 per cent, respectively
Source: Vietnam News
Photo: CBR Investment AG