SBV returns to net withdrawal as interbank liquidity cools

This week, as banking system liquidity eased, the SBV shifted back to a modest net liquidity withdrawal via OMO, while USDVND remained broadly range-bound toward year-end. The interbank yield curve steepened as short-term rates declined sharply, even as trading volume continued to rise, reflecting improving liquidity conditions. On the FX front, the exchange rate edged up slightly in line with a firmer greenback, supported by recent US labour market data suggesting inflation remains well contained.