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State Bank of Vietnam (SBV) continued to drain liquidity on March 23, absorbing nearly 26 trillion dong even after expanding the open market operations (OMO) tender size. As a result, the amount outstanding on the collateral lending channel fell to the lowest level in almost five months, while Vietnam dong (VNĐ) interbank rates rose across key tenors.
On March 23, on the collateral lending channel (OMO), the SBV offered a total of 16 trillion dong. The breakdown included 14 trillion dong for a 7-day tenor and 1 trillion dong each for the 28- and 56-day tenors, all at a uniform rate of 4.50% per year. All tendered amounts were allotted.
During the day, 41.907 trillion dong matured, and the SBV did not issue bills. Therefore, the SBV net drained 25.907 trillion dong from the system, bringing the outstanding on the collateral channel to 217.140 trillion dong—the lowest since late October 2025.
After maintaining a low 3,000 billion per session throughout the previous week, the SBV increased the OMO tender amount sharply on March 23. However, due to large maturities, the SBV remained a net liquidity absorber. Previously, the regulator drained nearly 166.000 trillion dong in the two weeks prior.
In the liquidity-absorbing context, the average VNĐ interbank rate rose across all short-term tenors versus the previous week’s close:
For USD, the overnight rate rose slightly by 0.01 percentage point to 3.61% per year. Meanwhile, the 1-week and 2-week tenors fell by 0.01–0.03 percentage points to 3.68% and 3.70% per year, respectively. The 1-month tenor remained unchanged at 3.75% per year.
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