The SBV said it stepped in at the right time to hold back a surge in interest rates which occurred in early April.
The interest rate rise was due to creditors rushing to attract deposits to make up a fall in reserves they were required to make to SBV, the bank said.
The central bank provided creditors with capital to help increase their compulsory reserves and help stabilise the monetary market.
Interest rates fixed by creditors in Hanoi and Ho Chi Minh City fluctuate from 10 to 14 percent per year for overnight loans, 14-15 percent on the weekly term and 15-16 percent on the yearly term.
State-run commercial banks offer interest rates of 14.6 percent per year for short-term loans while rates set by joint-stock commercial banks are higher at 18.42 percent.
Interest rates for loans of medium and long terms were fixed at 16.2 percent a year by State-run commercial banks and 21.85 percent by joint-stock commercial banks.
With the SBV continuing to sell foreign currencies for commercial banks, foreign exchange rates reverted to a difference at 4-10 VND for a US dollar between buying and selling. At some points, the market saw no difference in US dollar buying and selling.-Enditem