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According to data from the Vietnam Interbank Market Research Association (VIRA), during the week of November 25-29, the State Bank of Vietnam (SBV) adjusted the central exchange rate downward, with significant drops in the last two sessions. On November 29, the central rate closed at 24,251 VND/USD, a sharp decline of 44 VND from the previous week’s close. The SBV maintained the buying and selling rates for cash dollars at 23,400 VND/USD and 25,450 VND/USD, respectively.
In the interbank market, rates gradually decreased over the week. By the end of November 29, the interbank exchange rate settled at 25,372 VND/USD, 60 VND lower than the previous week’s close.
In the free market, the exchange rate surged in the first session of the week before easing slightly. On November 29, the buying and selling rates in this market rose by 40 VND each, trading at 25,690 VND/USD and 25,790 VND/USD, respectively.
Regarding interest rates, VND rates in the interbank market continued their downward trajectory across all tenors during the week. On November 29, VND interbank rates were as follows: overnight at 3.13% (-1.47 percentage points), one-week at 3.90% (-0.86 pp), two-week at 4.49% (-0.37 pp), and one-month at 4.79% (-0.19 pp).
USD interbank rates fluctuated slightly across all tenors during the week. On November 29, USD interbank rates were: overnight at 4.60% (unchanged), one-week at 4.67% (+0.01 pp), two-week at 4.71% (+0.01 pp), and one-month at 4.76% (unchanged)
In the open market operations during the week, the SBV offered 7-day bills through the refinancing instrument with a volume of VND 54,000 billion at an interest rate of 4.0%. The auction resulted in VND 53,999.85 billion worth of bills sold, while VND 68,000 billion worth of bills matured during the week.
The SBV also continued to offer 28-day bills through the issuance of treasury bills at an interest rate of 4.0%. The auction resulted in VND 9,980 billion worth of bills sold, while VND 7,950 billion worth of bills matured during the week.
Consequently, the SBV withdrew VND 16,030.15 billion net from the market through open market operations during the week. As of the end of the week, there were VND 53,999.85 billion worth of bills outstanding in the refinancing instrument and VND 20,080 billion worth of SBV bills outstanding in the market.
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