Analyst Pin-board Banking sector – Update on the money market
- Due to SBV’s intervention to alleviate the pressure from the negative swap gap, VND interbank rate surged as the VND was withdrawn through USD spot deals and bills. Since the end of July, interbank VND liquidity has improved and the USD/VND swap gap has dropped accordingly, staying at around 0.8-1.2% for the overnight term as of August 11.
- The increase in FX swap rate gap contributed to cool down the exchange rate at the end of July. On the international market, the USD also experienced a turbulent July as it reached a 20-year high before dropping sharply and closing July at 106.
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