Currency: Vietnam dong steady, black market gap persists, Friday
Vietnam’s dong held steady on 18–19 September, though liquidity operations and funding costs showed signs of adjustment.
The State Bank of Vietnam kept its central rate unchanged at 25,186, while the mid-market rate tracked by Google Finance stayed flat at 26,385.
In the black market, the dong traded stable at 26,440–26,540, leaving the gap over the official rate at 5.18 percent.
Liquidity management shifted as short-term support was withdrawn.
The central bank’s 7-day repo fell to zero from US$33.83 million, while the 91-day repo also dropped to zero.
At the same time, the 14-day repo shrank from US$113.70 million to US$16.34 million, but the 28-day tenor surged to US$110.24 million from US$14.45 million, suggesting a preference for longer-term liquidity provision.
Treasury bill issuance remained absent.
Interbank funding costs continued to edge higher.
The overnight rate rose to 4.54 percent from 4.51 percent, while one-week, two-week and one-month maturities all ticked up.
The three-month tenor climbed to 5.49 percent, and six-month rates were steady at 5.78 percent.
The combination of steady official rates, a persistent black market premium, and shifting repo operations points to underlying pressure in Vietnam’s currency market despite apparent headline stability.
