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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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In the trading session on April 6, the average VND interbank rate rose sharply across short tenors compared with the previous week’s close. Specifically, the overnight rate rose by 3.10 percentage points to 8.60% per year; the 1-week tenor rose by 2.50 percentage points to 8.50% per year; the 2-week tenor rose by 0.45 percentage point to 7.35% per year. Meanwhile, the 1-month tenor declined by 0.20 percentage point to 7.60% per year. In the collateralized lending channel for securities, the State Bank of Vietnam bid a total of 37,000 billion dong, including 10,000 billion for 14 days, 15,000 billion for 35 days, and 12,000 billion for 56 days, at a uniform rate of 4.5% per year. As a result, the winning bid volume reached 30,369 billion dong, with 14-day bids at 4,644 billion, 35-day bids at 14,894 billion, and 56-day bids at 10,831 billion. During the day, 44,757 billion dong mature, and the State Bank did not bid for bills. Thus, the policy maker net withdrew 14,387 billion dong from the market, reducing the outstanding on the collateral channel to 340,437 billion dong. Earlier, interbank rates had surged at the start of the previous week when the overnight tenor spiked to 12% per year. After liquidity-support operations by the SBV, interbank rates cooled quickly toward the end of the week. Since the start of the year, interbank rates have been highly volatile as liquidity pressures and the funding balance of the banking system have remained tight since the latter half of 2025, causing liquidity cushions at some banks, especially small and mid-sized joint-stock banks, to narrow significantly. According to data from the General Statistics Office, as of March 24, 2026, economy-wide credit growth reached 2.15%. Meanwhile, funding mobilization by credit institutions rose only 0.44%. The gap between deposit growth and lending growth forces banks to rely more on funding from the interbank market, at high costs. In response to this, the SBV promptly implemented liquidity-support measures, including successive large-scale net liquidity injections with long tenors through open market operations (OMO), and flexible use of the 21-day foreign exchange swap channel. In the context of still-low deposit growth, rising geopolitical risks, and a stronger USD, analysts expect the interbank rate level to remain high.

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