Following the continuous issuance of T-bills by the SBV, the exchange rate has shown signs of cooling down. (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam(SBV) on October 9 continued to offer 28-day treasury bills (T-bills) throughthe interest rate auction mechanism.
Four out of 10 participants won the bid with thetotal amount of nearly 5 trillion VND (204.89 million USD), and an interestrate of 1%, as compared with six winners and the interest rate of 1.18% in the October3 auction.
Over the past 13 trading sessions, the central bankhas net withdrawn some 145.7 trillion VND from the banking system through the T-bill channel.
T-bills are short-term debt securities with maturitiestypically ranging from a few days to one year. Issued by the State Treasury,T-bills serve as a means for the Government to raise short-term funds tofinance its operations.
According to economic experts, the central bank'scontinuous issuance of T-bills is aimed at adjusting the short-term liquidityin the banking system, thus stabilising the USD/VND exchange rate and addressingthe issue of excess capital.
The BIDV Securities Joint Stock Company (BSC) saidthis is a common practice of the central bank to regulate the abundantliquidity in the interbank market.
Following the continuous issuance of T-bills by the SBV, the exchange rate hasshown signs of cooling down. The bank set the daily reference exchange rate at 24,069VND/USD on October 10, down 5 VND from the last weekend.
With the current trading band of +/- 5%, the ceilingrate applicable for commercial banks during the day is 25,272 VND/USD and thefloor rate 22,865 VND/USD./.
Experts predict that recent fluctuations in foreign exchange rates are short-term, and the Vietnamese currency, the dong, will trend to appreciate again in the medium to long term.
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Following the continuous issuance of T-bills by the SBV, the exchange rate has shown signs of cooling down. (Photo: VNA) 
