Interbank interest rates fell sharply after the move to lower the operating interest rate P2

The average overnight interbank lending interest rate (main term accounts for 90-95% of the transaction value) in the session on March 15 decreased to 5.06% from 5.72%/year before. and 6.22%/year recorded at the end of last week, according to the data of the State Bank (SBV).

Interest rates for 1-week, 2-week and 1-month terms also dropped sharply to 5.51%/year, 4.74%/year and 6.83%/year, respectively. Compared to the end of last week, interest rates for these terms decreased by 0.5 - 1.8 percentage points.

Interbank interest rates fell sharply after the State Bank decided to reduce some types of operating interest rates by 1 percentage point. Accordingly, the rediscount interest rate decreased from 4.5%/year to 3.5%/year; 

overnight lending rates in interbank electronic payments and loans to cover capital shortfalls in clearing payments of the SBV for credit institutions decreased from 7.0% pa to 6.0 per annum. %/year.

Along with the adjustment of the operating interest rate, the trading session on March 15 also witnessed remarkable developments in the open market when the SBV returned to offer 28-day OMO bid with an interest rate of 5.5%. /year. This activity continued to be maintained by the State Bank in the session of March 16.

This is the first time since November 2022, the SBV has used a 28-day tenor for mortgage loans of valuable papers. Previously, the agency only used 7-day and 14-day contracts to support liquidity for banks in the first 2 months of the year, after suspending 91-day forward contracts in mid-December 2022.

 Along with the longer-term liquidity injection, the SBV also continued to stop issuing liquidity-absorbing bills. While there are tens of thousands of billion dong of bills issued before maturity.

In only two sessions, March 15 and March 16, the operator net injected the banking system with nearly 16,100 billion dong. 

According to analysts, the reduction of the operating interest rate marks the step of changing monetary policy, from cautious to flexible, partially easing. The interest rate reduction will support credit institutions in accessing capital from the State Bank through tools such as rediscounting loans, interbank loans; thereby, helping credit institutions to reduce lending interest rates.

Previously, the State Bank of Vietnam said that the adjustment and reduction of operating interest rates is a flexible solution in line with current market conditions to realize the National Assembly and Government's goal of recovering economic growth. thereby orienting to reduce the market interest rate, contributing to removing difficulties for businesses and the economy.

 At the same time, the adjustment of the ceiling of the maximum short-term lending interest rate in VND (HM:VND) for priority sectors to 5.0%/year creates favorable conditions for businesses and people to access loans. with lower costs in priority areas as advocated by the Government.

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