Six out of seven participants won the bid at an interest rate of 1.18%, the highest level recorded since the first issuance on August 18.

An employee counts Vietnamese banknotes at a bank in Hanoi.

Over the past nine trading sessions, the central bank has net withdrawn some VND110 trillion from the banking system through T-bills channel.

T-bills are short-term debt securities with maturities typically ranging from a few days to one year. Issued by the State Treasury, T-bills serve as a means for the Government to raise short-term funds to finance its operations.

According to economic experts, the central bank's continuous issuance of T-bills is aimed at adjusting the short-term liquidity in the banking system, thus stabilizing the USD/VND exchange rate and addressing the issue of excess capital.

The BIDV Securities Joint Stock Company (BSC) said this is a common practice of the central bank to regulate the abundant liquidity in the interbank market.

Banks cut rates for new loans amid low capital demand

Banks have to lower lending interest rates to stimulate demand for new loans as credit growth falters and deposit interest rates have also dropped sharply.

Commercial banks mobilize capital up 371 million USD

(BGO) – In the first six months of this year, the commercial banks in Bac Giang province mobilized total capital of 94.3 trillion VND (4 billion USD) from the organizations, businesses and individuals, up over 8.7 trillion VND against the figure in December 31, 2022.

Vietnam still 'an FDI darling': Singaporean bank

Vietnam’s 2023 growth is below-trend amid global external headwinds, but its position as a manufacturing FDI darling remains intact, DBS, Singapore’s leading consumer bank, said in a report released on July 3.

Banks continue to slash deposit interest rates

Only two banks now offer 8% interest on deposits compared to more than 10 even a month ago.

Average payments via banks reach 40 billion USD a day: insider

Cashless payments are developing rapidly in Vietnam, especially after the Covid-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.

Source: VnExpress