SBV rollovers repos as demand persists

This week, the SBV maintained its net liquidity injection at a modest level, mainly to offset withdrawal pressure from maturing repo contracts and support system-wide liquidity. Interbank rates remained elevated, reflecting persistent funding demand toward year-end. Given limited exchange rate pressures and accelerating credit disbursement, we expect the SBV to maintain its net injection stance on the OMO market in the coming weeks to ease funding costs and sustain banking system stability.