Large amount of money withdrawn via OMO

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Large amount of money withdrawn via OMO

Vietnam News - 2/16/2017 9:33:54 AM

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The State Bank of Việt Nam withdrew a large amount of money worth VNĐ177 trillion (US$7.79 billion) via the open market operation and the issue of Treasury bills in the past week.

A report from the Saigon Securities Incorporate (SSI) showed that the central bank issued 14-day T-bills worth VNĐ50 trillion in the week.

According to the SSI, the withdrawing was made after the central bank had to pump a large amount of money to the banking system to support the liquidity before Tết (Lunar New Year) when the capital demands surged sharply.

In the past week, interest rates for Vietnamese đồng loans of different tenors also dropped sharply on the inter-bank market

The overnight rate was quoted at 1.6 per cent against 4.45 per cent at the end of previous week.

The rates for one-week, two-week and three-week loans also stood low at 2 per cent, 2.9 per cent and 3.8 per cent against 4.67 per cent, 4.73 per cent and 4.8 per cent at the end of previous week.

SSI forecast that interest rate on the inter-bank market would continuously decline next week.

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