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Net OMO Pumping Developments over the Past Week (July 21-28, 2025). Unit: VND billion
Source: VietstockFinance
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Specifically, the SBV ramped up its usage of the 7-28-day term bidding channel at a fixed interest rate of 4%/year, with a total winning bid volume of VND192,079 billion, while only VND114,664 billion matured. At the same time, VND7,000 billion of SBV bills matured but were not reissued, further contributing to the net money pumped into the open market.
As of July 28, the outstanding volume through the term bidding channel reached VND241,569 billion, while there were no outstanding SBV bills.
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Developments in the Overnight Interbank Interest Rate since the Beginning of 2025. Unit: %/year
Source: VietstockFinance
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In the context of the regulator’s increased net pumping to support the system’s liquidity, the overnight interbank interest rate surged to 6.5%/year at the end of the July 25 session – a 149 basis point increase compared to the previous week and the highest level since November 2022. The average trading volume also rose 13% week-on-week, surpassing VND550 trillion/day.
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DXY Developments over the Past Year
Source: VietstockFinance
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In the international market, the USD Index (DXY) fell by 0.79 points last week to 97.67 points, ending its two-week rising streak. The greenback weakened due to concerns that escalating trade tensions could dampen US economic growth, prompting the Federal Reserve to potentially shift towards loosening monetary policy.
Domestically, the USD/VND exchange rate at Vietcombank on July 25 decreased by 20 VND in both buying and selling rates compared to the previous week, quoted at 25,930-26,320 VND/USD.
– 11:48 29/07/2025
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The Central Bank’s Net Withdrawal Exceeds VND 27 Trillion
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