The State Bank pumped back 87,200 billion VND of bonds to the market
- 178
- Business
- 23:10 05/06/2023
DNHN - The State Bank of Vietnam (SBV) has matured VND 87,200 billion in bonds over the past month. Thus, the banking industry has returned nearly 80% of the total amount of 110,700 billion dongs withdrawn previously.

The State Bank matured an additional VND 18,200 billion in bills during the week. Consequently, this agency has matured 87,200 billion dongs in bills within the last three weeks, injecting them back into the market.
As of February 15, it is known that the State Bank has implemented the issuance of 91-day bills to reduce system liquidity in response to falling interbank interest rates. After nearly a month of sapping liquidity, the amount of 91-day bills in circulation reached approximately VND 110,700 billion by the middle of March.
After three consecutive weeks of maturation, the amount of bills in circulation is currently 23,500 billion VND, and the State Bank will pump them back onto the market until mid-June 2023. The substantial amount of capital injected into the market by the SBV contributes to the improvement of the system's liquidity.
During the past week, interbank interest rates remained relatively stable at 4-5%. Beginning the week at 3.97 percent, the overnight lending rate on the interbank market increased to 4.01 percent on June 1.
However, market deposit interest rates continued to decline. After the SBV reduced the operating interest rate by 0.5% on May 25, several banks lowered their deposit interest rates to between 0.3% and 0.8% per annum, depending on the term.
A handful of banks, including GPBank and ABBank, offer the highest deposit interest rates on the market, which range from 8.5-8.6% per year. Most banks place the highest deposit interest rate between 7.5% and 8.3% per annum.
The Big 4 group (Vietcombank, VietinBank, BIDV, and Agribank) has the lowest interest rate in the system, only 6.8% per year for a 12-month term when deposited at the counter. Some banks offer an annual interest rate of seven percent for online deposits.
VnDirect anticipates that, following decisive actions by the State Bank of Vietnam, the average 12-month deposit interest rate will decline to 6.5-7.0% annually by the end of 2023 for a variety of reasons. First, the deceleration of economic growth and the gloomy real estate market reduced the demand for credit. Second, the government encourages public investment, which injects additional funds into the economy. Third, the operating interest rate can still be reduced further by the end of 2023.
On the other hand, credit growth will continue to decelerate in the first months of 2023 due to the impact of a high-interest rate environment, a still challenging real estate & corporate bond market, and a weak economic outlook. comparatively dismal.
Nhan Ha Phan
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