Vietnam central bank continues cash withdrawals with $1.82 bln in 3 days
The State Bank of Vietnam (SBV), the country’s central bank, withdrew a total of VND45 trillion ($1.82 billion) over three consecutive days ending Wednesday in an attempt to cool the U.S. dollar rally in the country.
The State Bank of Vietnam has continued to withdraw cash from commercial banks amid a rallying U.S. dollar. Photo by The Investor/Trong Hieu.
The regulator sold VND15 trillion ($607.3 million) worth of 28-day T-bills via an auction on Wednesday, with the winning rate standing at 1.4% per annum, unchanged from the previous two days, SBV data showed.
The SBV resumed this open market operation on Monday following a four-month hiatus after the greenback appreciated after the Lunar New Year holiday, particularly on the black market.
The banking authority ended this operation on November 8, 2023 after selling a combined VND364.35 trillion ($14.62 billion) over 34 consecutive days, aiming to cut liquidity in the tier-2 (interbank) market to dampen VND devaluation speculation.
USD prices have cooled on the black market over the past three days. On Tuesday and Wednesday, USD prices dropped VND150-180 from an all-time high recorded on Monday of VND25,500-25,700.
Gold shops on Thursday morning offered the greenback at VND25,360-25,440, up VND40 for buying but down VND110 for selling from Wednesday. However, the greenback was still VND780 higher than end-2023, equal to a 3.15% appreciation.
Meanwhile, the dollar is gaining in value at commercial banks. On Thursday, the SBV raised its USD/VND mid-point rate by VND10 to VND23,967 from a day earlier.
Following suit, commercial banks lifted their USD prices by VND20-50, with state-controlled giant Vietcombank offering VND24,500-24,870, up VND50 from Wednesday.
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