SBV maintains net injection

This week, the SBV continued its net liquidity injection to support the banking system as year-end demand pressure intensified. Specifically, the interbank yield curve steepened, with short-term rates cooling while longer tenors surged, reflecting banks’ strategic shift toward securing term funding for year-end. On the FX side, the USDVND rate rebounded due to the VST’s 15th USD purchase, with some impact from the continuing selling by the foreign bloc on the stock exchange. During the final period of the year, we still expect the SBV to maintain its stance to support the banking system’s liquidity.