Interbank interest rates are bottoming out

Interbank overnight interest rates are only 0.5% per annum. Due to the abundant liquidity, the State Bank of Vietnam (SBV) continued to net out with a net withdrawal of 2.5 trillion dong last week.

Weekly Market Report of SSI Retail Research division of SSI Securities showed that the interbank rates were relatively low but still decreased in the last week of July.

In particular, the overnight rate fell from 0.82% on the first day to 0.5% on the weekend, similar to the one-week and one-month rates, which also dropped by 13 basis points over the weekend. Interest rates are approaching the bottom line similar to the period from August to October 2016.

Thanks to good liquidity, the SBV increased its treasury bill to VND40 trillion, the same 7 day term but the lowest interest rate was 0.3% (last week was 0.5%). 37 trillion in issue in the previous week and 506 billion in new OMO loans. As a whole, the SBV net withdrew 2.5 trillion from the system last week.


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