According to SSI Research, money supply growth by the end of July was only 5.6%, much lower than the same period 3 years earlier. Therefore, the monetary loosening policy of the State Bank will continue to be maintained and deposit interest rates may decrease further from 0.1 to 0.3 percentage points in the near future.
Illustration. (Source: TPBank)
According to SSI Securities Analysis (SSI Research), during the week of September 7-11, the State Bank of Vietnam (SBV) does not conduct transactions on the open market. The liquidity of commercial banks is still very plentiful, the interbank interest rates went sideways, closing the week at 0.2% / year for the overnight term and 0.23% / year for the 1 week term.
SSI Research also said that the deposit interest rates did not change much in the past week, commonly at 3 – 4% / year for terms of less than 6 months, 4.2-6% / year for terms of 6 to below. 12 months and 5 – 6.7% / year for terms of 12 and 13 months.
On the other hand, according to the State Bank of Vietnam, the total means of payment (M2 money supply) at the end of July was 11.16 million billion, up 5.6% compared to the end of 2019, this figure is much lower than the increase rate of 7 – 8% of the same period of 3 previous years.
“Therefore, the loosening monetary policy of the State Bank will continue to be maintained, the liquidity of commercial banks will remain plentiful. Interbank interest rates will remain low, and deposit interest rates can continue to decrease. 0.1 to 0.3 percentage points in the coming time “, SSI Research said.
On the foreign exchange market, the USD / VND exchange rate listed by commercial banks continued to go sideways during the week, buying and selling at 23,060 – 23,270 VND / USD and slightly decreasing by 10 VND / USD on the free market, to 23,180. – 23,210 VND / USD.
According to SSI Research, Vietnam has 11 consecutive days without COVID-19 infection in the community, international flights are gradually resuming. Market sentiment is stable and foreign currency supply and demand are very favorable, so the exchange rate is expected to continue moving sideways in the near future.
Source: SSI Research
Source: vietnambiz.vn – Translated by fintel.vn
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