SBV extends net liquidity injection as interbank rates cool

This week, the SBV maintained its net liquidity injection for the third consecutive week amid persistent year-end pressure in the banking system. The interbank curve steepened as short-term rates cooled slightly, while longer tenors increased, reflecting continued funding demand. On the FX side, the USDVND eased following the Federal Reserve’s third rate cut, despite the cautious forward guidance. However, significant foreign outflows tempered the easing momentum.