State Bank Concludes Two and a Half Months of Net Injection via OMO

Specifically, despite the State Bank of Vietnam (SBV) injecting a new 80.327 trillion VND through term purchases at a 4.5% annual interest rate, the maturing capital amounting to 87.558 trillion VND returned to the SBV, resulting in a net withdrawal of 7.231 trillion VND. As of December 22, the outstanding volume on the term purchase channel decreased to 404.287 trillion VND.

This development occurred against the backdrop of a sharp decline in interbank interest rates, particularly for short-term tenors. The overnight rate saw the most significant drop, falling from 7.08% at the end of the previous week to 4.48% on December 17 (a decrease of approximately 260 basis points), before closing the week at 5.67%. The one-week and one-month rates decreased by 116 and 4 basis points, respectively, hovering around 7.1-7.4% per annum. The six-month rate remained nearly unchanged, ending the week at 6.7% per annum.

In the international market, the USD Index (DXY) closed at 98.25 points on December 19, down 0.17 points from the previous week, marking its fourth consecutive week of decline.

The USD faced pressure as expectations grew for further monetary policy easing by the U.S. Federal Reserve (Fed) in 2026. U.S. CPI for November fell to 2.7%, the lowest since July and significantly below the 3.1% forecast, while the unemployment rate rose to 4.6%, the highest since 2021.

Additionally, news that U.S. President Donald Trump is set to announce a new Fed Chair—expected to pursue aggressive rate cuts—continued to weigh on the greenback. Meanwhile, the Bank of Japan (BoJ) raised its policy rate by 25 basis points to 0.75%, the highest in 30 years.

Domestically, Vietcombank listed the USD/VND exchange rate at the end of the week at 26,095 – 26,405 VND/USD (buy – sell), unchanged from the previous week.

Khang Di

– 11:32 December 23, 2025

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