The Vietnam dong’s (VND) interest rate on the interbank market exceeded 3 percent per annum for the first time over the past more than six months. 

The Vietnam dong’s interest rate on the interbank market exceeded 3 percent per annum. 

The rate increased from 0.34-0.92 percent, pushing the overnight rate to 3.02 percent, one week at 3.28 percent and two weeks at 3.56 percent, respectively. 

The increase reflects higher demand for dong with the Tet (Lunar New Year) festival approaching. 

Meanwhile, the reference VND/USD exchange rate stands at 22,730 VND/USD as listed by commercial banks, dropping from the previous rate of between 22,745-22,750 VND/USD. 

The State Bank of Vietnam continues to buy a large amount of foreign currencies, with over 4 billion USD purchased since the beginning of this year, raising the country’s foreign reserves to more than 57 billion USD.-VNA