State Bank injects 55,000 billion, interbank interest rate up to 6.28%

SBV injected 55,000 billion via OMO at 4%/year on October 22, net injected 46,000 billion; overnight and 1-week interest rates both hit 6.28% when capital demand peaked and 180,000 billion repos matured.

On October 22, 2025, the State Bank of Vietnam (SBV) injected VND 55,000 billion into the system through the OMO channel with a fixed interest rate of 4%/year and no treasury bills were offered. On the same day, VND 9,000 billion of reverse repos matured, bringing the net liquidity injected into the market to VND 46,000 billion. This is the largest single-session money injection session ever on this channel and the second largest net injection session in 2025. In the interbank market, VND interest rates increased, with overnight and 1-week terms both reaching 6.28%/year.

Interbank interest rates are anchored at 6.28% (Source: Vietnam Interbank Market Research Association)

Interbank interest rate developments on October 22

According to the Vietnam Interbank Market Research Association, VND interest rates increased simultaneously in all short terms compared to the previous session:

Term	Interest rate (%/year)	Change (points %)
Overnight	6.28	+1.18
1 week	6.28	+0.98
2 weeks	6.04	+0.56
1 month	5.80	+0.24

OMO activities of the State Bank

The State Bank of Vietnam lent its members a total of VND55,000 billion through the mortgage lending channel (forward purchase) with an interest rate of 4%/year. The winning bid structure was recorded in many terms:

• 7-day term: 3,000 billion VND
• 14-day term: 2,000 billion VND
• 28-day term: 15,000 billion VND
• 91-day term: 15,000 billion VND

The State Bank of Vietnam did not offer treasury bills during the session. After deducting the VND9,000 billion reverse repo that matured on the same day, the net amount of money injected was VND46,000 billion.

(Source: SBV)

Causes of fluctuations and historical comparison

The above developments occurred in the context of system liquidity showing signs of tightening due to seasonal factors at the end of the year when capital demand for credit increased. As of September 25, 2025, credit in the whole economy increased by 13% compared to the end of 2024, higher than the 8.09% in the same period last year and approaching the growth target of over 16% for the whole year. The session on October 22 marked a record of money injection per session on the SBV's term purchase channel and was the second largest net injection session in 2025.

Short-term outlook

According to Vietcap Securities' September money market report, interbank interest rates may continue to be under increasing pressure in October due to two factors: (i) credit growth usually reaches a high level at the end of the year; (ii) an estimated VND 180,000 billion in repos will mature in October. The analysis group believes that this pressure may decrease if the State Bank continues to provide liquidity through the OMO channel and if the US Federal Reserve (Fed) is likely to implement the second cut in operating interest rates this year at its meeting on October 29.

Impact on the currency market

The interbank interest rate increased and hovered around 6.28%, reflecting a tighter liquidity situation in the short term. The SBV's net injection plays a key role in stabilizing the market and limiting interest rate fluctuations during peak capital demand periods.

Source: https://baolamdong.vn/nhnn-bom-55000-ty-lai-suat-lien-ngan-hang-len-628-397808.html