Borrowing interest rates among banks on the interbank market suddenly spiked sharply in some terms and officially exceeded the threshold of 9 %/year.
Data recently released by the State Bank of Vietnam (SBV) shows that lending interest rates among banks on April 20 witnessed a sharp increase in some terms in the interbank market.
Attracting a lot of attention to many markets is that the interest rates for transactions of 3-month, 6-month, and 9-month terms are all over 8%/year when they are traded at 8.35%/year respectively 49%/year and 9.39%/year.
In, the interest rate for the 3-month term witnessed the strongest increase when increasing from 6.55 %/year on April 17 to 8.35 %/year on April 20. Trading turnover in this term still remained around the threshold of around 2,500 billion dongs in recent days.
Notably, the transaction data published by the State Bank of Vietnam showed that the highest lending interest rate among banks suddenly increased sharply to 9.39% per year, although the transaction volume in this term was only a small amount. 3 billion dongs.
However, this is the first time after a few weeks that the highest interest rate in the interbank market has surpassed 9 %/year.
The data previously announced by the State Bank showed that, in fact, on April 17, the highest interest rate in the interbank market remained below 9% per year.
In, the interest rate for the 9-month term is 8.84 %/year with 4 billion dongs of transaction volume and the interest rate for the 6-month term is 8.33% with the transaction volume on April 17 of 38. billion.
In the money market report for the week to mid-April 2023, Bao Viet Securities Company (BVSC) also found that borrowing interest rates between banks on the interbank market for overnight, 1-week, and 2 weeks respectively increased by 0.43%, 0.31%, and 0.12% compared to the previous week, to 5.49%, 5.47%, 5.31%.
BVSC believes that lending interest rates among banks have increased sharply since the beginning of April, contrary to the trend of decreasing deposit rates, showing that the liquidity pressure of commercial banks is increasing again.
With the above developments, although the central bank is continuing to net capital injection in the open market to support liquidity and help reduce the pressure of a continued increase in interbank interest rates, BVSC believes that interbank interest rates goods in the next period will hardly be able to return to the low level like the period at the end of March.
"The fact that the State Bank continues to buy 28-day tenor (equivalent to VND 37,405 billion of capital injection in the week - PV) shows the will to support liquidity in the medium term when interbank interest rates have increased sharply since the beginning of April. " - BVSC commented.
As reflected by Lao Dong, lending interest rates between banks have maintained a high level in recent times, attracting much attention because the interbank is a market for capital transactions between banks or credit institutions.
Interest rates close to 9%/year in some terms in the banking market are also noticeable because deposit rates at banks have shown signs of cooling down in the residential market since the end of March 2023.
Which, deposit interest rate, the highest savings interest rate in a 12-month term at many joint stock commercial banks is currently reduced to less than 8%/year.