Interbank interest rates fall sharply

Total trade transactions from the Center for Economic Research of Maritime Bank showed that interest rates for VND in the interbank market continued to fall over the week, at all terms.

Specifically, the interest rate for VND loans in different kinds of term on July 14 saw difference change. The overnight lending rate was at 1.38%; that for 1-week term, 2-week term and 1-month term were 1.60%, 1.98% and 2.60% respectively..

Accordingly, the interest rates for VND of the overnight term have dropped to the lowest level since the beginning of the year, closed to USD interest rates in the interbank market. Last week, the interbank rates for USD continued to fluctuate slightly compared to the previous week; At the end of the week, it stood at 1.30% for overnight term, 1.45% for 1-week term, 1.53% for 2-week term and 1.74% for 1-month term.

On the open market, the State Bank of Vietnam continued to offer VND1,000 billion/session in pledged shares during the last five sessions. However, there was no winning auction volume for the 3rd consecutive week. Thus, as of the end of last week, there was no circulation on the pledge channel from June 22, 2017.

Also on the interbank market, USD prices increased in the first session of the week but fell in the rest sessions. At the end of the week, the interbank exchange rate was around 22,728 VND/USD, down VND12 compared to the previous week and close down to the 22,725 VND/USD level.