35W26: SBV ramps up net injection ahead of the holiday

During 35W26, interbank rates spiked across maturities amid higher trading turnover, reflecting heightened cash demand ahead of the extended holiday. In response, the SBV significantly stepped up its net liquidity injection through OMOs to ease funding pressures across the banking system. On the FX front, USDVND continued to decline despite a stronger US dollar, which was supported by hawkish Fed remarks and escalating geopolitical tensions. The VND’s relative strength was partly supported by foreign investors turning net buyers in the equity market.