Chủ đề: state bank

There is rising demand for USD due to the trade balance being in deficit and from many foreign enterprises transferring profits back to their parent company at the end of the fiscal year. In response, the State Bank of Vietnam (SBV) has offered USD in three-month terms for the first time since 2018 to support liquidity.

The State Bank of Vietnam (SBV) has said it will introduce five groups of solutions to further promote non-cash payments. Notable solutions include perfecting the legal framework, amending and supplementing a number of laws and decrees related to banking activities; building and promulgating a mechanism for the controlled testing of fintech activities in the banking sector; developing modern payment services; and developing infrastructure, upgrading the inter-bank electronic payment system.

Liquidity in the banking system continued to be under pressure in the first trading week after the Lunar New Year (Tet). Banks have therefore borrowed capital from the State Bank of Vietnam (SBV) totaling more than VND15.6 trillion ($689.43 million).

The USD/VND exchange rate has been quite high in recent days, with the State Bank of Vietnam (SBV) and market operators stopping commercial banks from receiving funds to conduct foreign exchange spot transactions. Despite the fact that no more money was injected into the system and that credit accelerated, liquidity in the banking system remained abundant. This is most evident in interest rates remaining flat at the lower end.

The State Bank of Vietnam (SBV) poured more than VND127 trillion ($5.57 billion) into the banking system in July and August; less than the initial estimate of VND162 trillion ($7.1 billion). The addition of a significant sum has helped with system liquidity.

In 2020, the State Bank reduced the operating interest rate 3 times, but according to Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, now is not a suitable time to lower the operating interest rate. According to the Deputy Governor, the reason is because the State Bank is implementing many synchronous solutions such as lowering interest rates and restructuring loans.