Vietnam’s overnight interbank rate hits nine-month record high

HANOI: The overnight interest rate in the interbank market has surged to more than 4%, the highest level in the past nine months, data from the State Bank of Vietnam show. The rate last Wednesday had increased by nearly four times compared to the end of last week, from 2.15% to 4.14%. It meant after just one trading session, the rate nearly doubled and reached its highest level since the end of May 2023. It was much higher than the peak level of 2.38% recorded during the peak payment period near the Lunar New Year. With the surge, the rate for the overnight term is currently even higher than that of one-week to three-month terms. In the interbank market, the…