Nine-month interbank rate has climbed from 9.61% to 13% annually as of February 2, according to the central bank’s latest data.
On February 2 banks borrowed VND225.7 trillion ($9.6 billion) from each other overnight at the rate of 6.26% per year, up 1.7% points from the end of last year.
Other terms such as two weeks, one week, six months and nine months have seen rates increased from before the Lunar New Year holidays, which lasted from January 20-26.
Interbank rates are rising even though the State Bank of Vietnam had pumped liquidity in five trading sessions after Tet holiday with a total supply of nearly VND70.8 trillion.
Analysts have said that interbank rate will unlikely fall soon as globally central banks will likely continue to raise their rates.
Deposit rates are forecast to peak in the middle of this year before cooling down.