Yesterday, on November 11th, the State Bank of Vietnam (SBV) unexpectedly conducted an Open Market Operation (OMO) with a term of up to 105 days at an interest rate of 4% per annum. Previously, SBV’s OMO terms typically ranged between 7 and 91 days.
Specifically, during yesterday’s session, the SBV offered a total of VND 32,000 billion across four terms, all at a 4.0% annual interest rate. This included VND 5,000 billion for a 7-day term, VND 7,000 billion for a 14-day term, VND 15,000 billion for a 28-day term, and VND 5,000 billion for a 105-day term. The results showed VND 3,472 billion successfully bid for the 7-day term, VND 4,747 billion for the 14-day term, VND 10,772 billion for the 28-day term, and VND 2,643 billion for the 105-day term. Meanwhile, VND 10,000 billion in OMO matured and was withdrawn from the market.
As a result, the SBV net injected VND 11,634 billion during the November 11th session, pushing the total outstanding amount in the collateral channel to a record high of VND 296,380 billion.
Source: SBV
According to analysts, the extension of the OMO term indicates that the SBV’s monetary policy focus for the final months of the year remains on maintaining liquidity stability within the banking system. By shifting to longer-term auctions, the central bank ensures that the injected funds remain in the system for an extended period, thereby stabilizing liquidity and minimizing interest rate fluctuations in the interbank market.
Previously, when short-term OMO maturities were due, the withdrawal of funds from the system tended to tighten liquidity, causing interbank VND interest rates to rise again. Although the SBV promptly conducted supplementary auctions, these fluctuations introduced some volatility into the banking system’s cash flow.
The SBV’s move also comes amid persistently high interbank VND interest rates.
As of the close on November 11th, the average interbank VND interest rates for overnight and one-week terms increased by 0.10–0.20 percentage points compared to the beginning of the week, reaching 6.20% per annum. In contrast, the two-week and one-month terms decreased by 0.02–0.25 percentage points, recording 6.00% and 6.08% per annum, respectively.
Vietcap Securities forecasts that interbank interest rates may continue to face upward pressure in November due to two primary factors. The first is the acceleration of credit growth toward the year-end, and the second is the estimated VND 162,000 billion in repo maturities during the month.
However, analysts believe the SBV can maintain stable liquidity conditions by continuing to inject funds through OMO, thereby alleviating short-term funding pressures in the interbank market.
SBV Injects VND 290,000 Billion into the Banking System in October
In October, to offset liquidity pressures from repo maturities totaling VND 250,000 billion, the SBV injected VND 290,000 billion into the banking system via OMO. Notably, one session saw a record-high successful bid volume of VND 55,000 billion.
The SBV has consistently supported VND liquidity for the banking system since the beginning of 2025, with a significant expansion of these efforts since late June. According to the SBV, the implementation of open market operations aims to lower interbank market interest rates, ensuring banks’ timely and sufficient access to liquidity. This enables banks to secure low-cost funding from the SBV, facilitating further reductions in lending rates in line with government directives.
Despite ongoing liquidity support, the SBV has maintained the OMO winning interest rate at 4% per annum to prevent VND interest rates from falling too low, which could exert pressure on the exchange rate.
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