Analyst Pin-board Banking sector – Looking back on the money market conditions in the first half
- In the first half of 2022, the divergence in monetary policies caused the USDVND interest rate differentials to widen and pushed the swap rate gap deeply in the negative zone since the end of May. This factor boosted the demand for USD and supported the uptrend of the exchange rate.
- The State Bank of Vietnam adjusted the method of selling foreign currencies three times in the first year-half in order to monitor the exchange rate in accordance with the complicated circumstances and peer pressure. We think that the State Bank will continue to intervene to raise the VND interbank rates soon while keeping the policy rates stable. However, we maintain our view of macro uncertainty over the next few months when another Fed’s rate hike is expected at the end of July.
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