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State Bank of Vietnam (SBV) continued to withdraw net liquidity through Open Market Operations (OMO) in the week of April 13-20, as interbank rates eased meaningfully.
SBV injected 71,859 billion VND into the system via the collateralized lending channel (securities-backed lending) with maturities of 7-56 days at 4.5% per year. At the same time, maturities totaling 138,690 billion VND matured, leading to a net withdrawal of 66,831 billion VND for the week.
As a result, the amount of OMO liquidity in circulation fell to 182,703 billion VND.
On the interbank market, rates declined across most tenors. The overnight rate fell by 205 basis points to 3.98% per year, while the 1-week rate dropped 159 basis points to 4.94% per year. The 2-week rate declined 21 basis points to 6.45% per year.
For longer tenors, the 1-month rate rose slightly by 6 basis points to 7.26% per year, while the 3-month rate fell 29 basis points to 7.57% per year.
Internationally, the U.S. dollar weakened. The U.S. Dollar Index (DXY) closed at 97.9 on April 17, down 0.54 from the previous week and at its lowest level in more than a month, pressured by expectations that geopolitical tensions in the Middle East will ease.
Domestically, the USD exchange rate in commercial banks also trended lower in line with global moves but remained near the ceiling. By the end of the week of April 17, Vietcombank quoted USD at 26.097-26.357 VND/USD (buy-sell), down modestly from the previous week.
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