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Interbank Interest Rates Increased Strongly Again

Interbank Interest Rates Increased Strongly Again

Thursday 05, 12 2019
After cooling down a bit at the end of last week, by the beginning of this week, the interbank interest rates turned up sharply.

According to the announcement of the State Bank, the interbank overnight interest rate on December 2 returned to 4.28%/year, the 1-week term to 4.43%/year and the 2-week term of 4.46 %/year. These are the most traded terms.

The longer-term interest rates were from 1 month to 9 months, the interest rates ranged from 4.29% to 5.8%, of which the 6-month and 9-month term rates generated insignificant transactions.

Thus, compared to the last week of November, the interbank interest rate increased by 0.35 percentage points for the overnight term and the 1-week term by 0.44 percentage points. 

Interbank Interest Rates Increased Strongly Again

Last week, interbank interest rates increased and exceeded 4% per year but until November 26 when the State Bank sharply reduced the open market interest rate (OMO) from 4.5% to 4% per annum, combined with the strong management of pumping money to banks after months of continuous net withdrawal, the interbank interest rates have cooled down in the following days.

However, as reported, the market only cooled down for 3 sessions. Up to the beginning of this week, it rebounded to the level "as if nothing has happened".

According to observers, the interbank interest rate rebounded sharply due to the increasing liquidity at the end of the year, partly because of the lowering interest rates of compulsory deposits and exceeding compulsory reserves since December 2. The decrease is at 0.4 percentage points and is the first decrease in the past 15 years.

In a newly released report, SSI Research analysts said that normally interbank overnight interest rates will fluctuate in the range from treasury bills to OMO rates, currently at 2.25% to 4.0%/year. In the peak month of the year, it is likely that interbank interest rates will fluctuate at a high level of 4%/year.
 

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