Historic Liquidity Injection: SBV Executes Record-Breaking Forward Purchase Operation

On October 22nd, the State Bank of Vietnam (SBV) injected a record-breaking VND 55 trillion into the financial system through open market operations, utilizing a fixed interest rate of 4% per annum. This marks the largest single-day injection ever conducted by the central bank via this channel.

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Source: SBV
Term Purchase Volume (Injection). Unit: Billion VND

Specifically, the State Bank of Vietnam lent commercial banks a total of 55,000 billion VND through the collateralized securities channel, while 9,000 billion VND matured on this channel during the session on October 22.

Net Injection Value in the Open Market. Unit: Billion VND

Source: VietstockFinance

As a result, the net amount of money injected into the system reached 46,000 billion VND – the third highest level since the beginning of the year, following the sessions on June 30 (net injection of 52,904 billion VND) and January 22 (net injection of 49,551 billion VND).

This move comes amid tightening liquidity in the system due to seasonal factors at the end of the year, as credit demand surges. As of September 25, 2025, total credit growth in the economy has increased by 13% compared to the end of 2024, higher than the 8.09% growth in the same period last year and approaching the annual target of over 16%.

Overnight Interbank Interest Rate Trends Over the Past Year

Source: VietstockFinance

In the interbank market, the overnight interest rate on October 21 rose to 5.12%/year, 15 basis points higher than the previous session. The average transaction value decreased slightly by 2% compared to the previous session, reaching nearly 603,000 billion VND/day.

DXY Trends from the Beginning of 2025 to October 22

Source: VietstockFinance

In the international market, the USD Index (DXY) reached 98.81 points, up 0.15 points from the session on October 21.

The exchange rate listed at Vietcombank closed the session on October 22 at 26,123 – 26,353 VND/USD (buy – sell), unchanged from the previous day.

Khang Di

– 17:52 22/10/2025

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