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Banking & Finance

Central bank injects nearly $573 mn in liquidity support

Released at: 18:33, 10/02/2018

Central bank injects nearly $573 mn in liquidity support

Illustrative image (Source: news.zing.vn)

Cash pumped in to meet rising capital demand as Tet approaches.

by Van Long

The State Bank of Vietnam (SBV) made a net cash injection of VND13 trillion ($572.9 million) into the economy in the past week to support liquidity at commercial banks, according to a report from the Vietnam News Agency.

Saigon Securities Incorporated (SSI) said the cash was pumped through a bill issue to meet rising capital demand as Tet approaches.

The past week also saw the inter-bank rate inch up by 0.1-0.22 percentage points, pushing the overnight rate to 1.57 per cent and the one-week rate to 1.65 per cent. The one-month rate inched downwards, however, by 0.05 percentage points to 3.4 per cent.

Inter-bank rates nonetheless remain low compared to the same period in previous years. Ahead of Tet last year, for example, the overnight and one-week rate exceeded 2 per cent.

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