The Central Bank’s Aggressive Reduction of Funds Through Bill Channels

Specifically, the SBV lent through the collateral channel with a total volume of 126,439 billion VND, with terms of 14 days (50,267 billion VND) and 7 days (76,172 billion VND). The interest rate for both terms was fixed at 4%/year.

The new issuance on the aforementioned term purchase channel mainly aimed to meet a large volume of maturities (98,613 billion VND).

In addition, the regulator consistently issued bills throughout the week, but the scale was significantly reduced compared to the pre-Tet week. The total volume of newly issued bills with a term of 7 days and a fixed interest rate of 4%/year reached 18,600 billion VND.

On the other hand, the lot of 31,250 billion VND bills matured in the week of 01/20-03/02, returning the corresponding volume to the market.

At the end of the week of 10/02, the SBV net injected 40,476 billion VND into the market. The circulating volume in the term purchase channel was 161,406 billion VND, and 22,850 billion VND in the bill channel.

Regarding interbank interest rates, the overnight term rate soared to 5.7%/year in the 04/02 trading session when the system’s liquidity was tight after a long holiday. With the net injection move and liquidity support from the regulator, the interbank overnight interest rate cooled down to 4.38% at the end of the week (up 46 basis points compared to the pre-Tet week).

Last week, USD price remained high amid tensions between Trump and the US’s largest trading partners. At the close of 07/02, the DXY index increased by 0.63 points compared to the previous week (31/01), reaching 108.1 points, but lower than the 108.99 points of the first session of the week on 03/02.

The USD soared in the first session of the week on 03/02 due to President Donald Trump’s tariff moves but quickly cooled down after weak US employment data.

Source: VCB

USD/VND exchange rate at Vietcombank on 07/02 was listed at 25,080-25,470 VND/USD (buy-sell), up to 310 VND/USD in the buying direction but increased by only 170 VND/USD in the selling direction compared to the pre-Tet period.

Khang Di

– 10:31 11/02/2025

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