On March 13, the State Bank continued to successfully bid for VND14,999.7 billion in 28-day term bills with an interest rate of 1.4%/year.
Accordingly, 12 out of 13 members won the bid under the interest rate bidding method and unit price bidding method. The promissory note will mature on April 10, 2024.
Previously, on March 11, the State Bank also reopened the treasury bill bidding channel, withdrawing nearly VND15,000 billion from the system after 4 months of suspending this service.
The act of pumping and withdrawing money through the treasury bill channel is a normal operation of the State Bank that affects the amount of money in the interbank market (where banks borrow from each other), not circulating in the residential market.
According to experts, withdrawing money through treasury bills will cause a large amount of uncirculated money to move from the commercial banking system to the State Bank. This activity does not affect general liquidity or foreign currency supply and demand, but indirectly affects the exchange rate.
Analyzing further, economic expert Dinh Trong Thinh said that issuing credit notes will help balance the exchange rate because it is removing VND from circulation, thus reducing money in the market, reducing pressure on the exchange rate, and balancing VND and USD.
Previously, explaining the reason for withdrawing money through the treasury bill channel, Deputy Governor of the State Bank Pham Thanh Ha said that the USD has increased sharply in value recently and the State Bank is closely monitoring the foreign exchange market as well as focusing on management to stabilize the exchange rate.
According to the Deputy Governor, the State Bank has had to regulate short-term bills to reduce excess liquidity in the system; at the same time, it has tried not to have a big impact on the interest rate level. Currently, the interbank market interest rate is still stable. However, the pressure in the coming time is still very large when we need to balance interest rates and exchange rates.
On March 13, the State Bank announced the central exchange rate of 23,957 VND/USD, an increase of 2 VND/USD. However, if calculated from March 11 (the time the State Bank issued the treasury bills) until now, the central exchange rate has decreased by 15 VND from 23,972 VND to 23,957 VND/USD.
Meanwhile, the VND/USD exchange rate at commercial banks had mixed developments. The USD price at Vietcombank was listed at 24,450 - 24,820 VND/USD (buy - sell), up 20 VND in both buying and selling compared to the closing price of yesterday's trading session. At BIDV , the greenback price was listed at 24,490 - 24,800 VND/USD (buy - sell), unchanged in both buying and selling compared to the closing price of yesterday's trading session.
According to VNA
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