The weekly report of the centre for Economic Research of Maritime Commercial Joint Stock Bank (MSB) pointed out that in the week of May 11th 15th, the dong interbank interest rates dropped sharply and continuously at all terms.
This is the first week that the market received the decision to reduce operating rates of the State Bank of Vietnam (SBV).
Closing the session on May 15th, the dong interbank rates were around 1.21 percent per annum on overnight term, down by 0.66 percentage point; 1.35 percent per annum on one-week term, down by 0.71 percentage point; 1.55 percent per annum on two-week term, down by 0.69 percentage point; and 2.08 percent per annum on one-month term, down by 0.42 percentage point.
Meanwhile, the US dollar interbank rates also fell across the terms, reaching 0.21 percent per annum on overnight term, down by 0.03 percentage point; 0.33 percent per annum on one-week term, down by 0.03 percentage point; 0.46 percent per annum on two-week term, down by 0.08 percentage point; and 0.83 percent per annum, down by 0.14 percentage point, by the end of the May 15th session.
On the open market operations (OMO), the SBV continued to offer one trillion dong per session via mortgage channel on a term of seven days. The offer interest rate was kept at 3.5 percent per annum in the first two sessions of the week and lowered to three percent per annum in the last three sessions of the week. The winning value was three billion dong, while there was no maturity. Thus, in the week, three billion dong were in circulation on mortgage channel.
Meanwhile, the SBV did not offer treasury bills in the week, while 24.998 trillion dong of bills matured. The number of bills circulating in the market dropped to 60.991 trillion dong.
Thus, the SBV net injected 25.001 trillion dong into the market through OMO in the past week.
