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1. Mobilizing and lending rates:
1.1. Mobilizing rates:
- The VND mobilizing rates continued to be stable as compared to the previous weeks. Several commercial banks, namely Techcombank, LienVietPostBank and TienPhongBank reduced the mobilizing rates by 0.1 – 0.2 percentage point p.a for several terms. The rates were commonly 0.8 - 1% p.a for demand and below 1 month term, 5 - 5.5% p.a for 1 to below 6 month terms, 5.7 - 6.7% p.a for 6 month to below 12 month terms; and 6.7 – 7.3% p.a for 12 month plus terms.
- The USD mobilizing rates were commonly 0.75% p.a for individuals and 0.25% p.a for economic institutions.
1.2. Lending rates:
- The VND lending rates were stable as compared to the previous week. The average rates were commonly 7% p.a for short-term loans for priority fields, and state-owned joint-stock commercial banks continued offering the rates of 9 - 10 % p.a for medium and long-term loans for priority fields; and the rates were commonly 7 - 9% p.a for short-term and 9.5 – 11% p.a for medium and long-terms for ordinary business.
- The USD lending rates were commonly 3 - 7% p.a. The rates were 3 - 6% p.a for short term and 5.5 - 7% p.a for medium and long terms.
The specific lending rates were as follows:
Groups of commercial banks |
Currency |
Short term (% p.a) |
Medium and long terms (% p.a) |
Group of state-owned commercial banks |
- VND applicable to ordinary loans |
7.0 - 9.0 |
9.5 - 11.0 |
- VND applicable to loans for agricultural and rural development, exporters,supporting industries, SMEs and hi-tech enterprises |
7.0 |
9.0 – 10.0 |
|
|
USD |
3.0 - 4.5 |
5.5 - 6.5 |
Group of joint-stockcommercial banks |
- VND applicable to ordinary loans |
8.0 - 9.0 |
10.0 – 11.0 |
- VND applicable to loans for agricultural and rural development, exporters, supporting industries, SMEs and hi-tech enterprises |
7.0 |
10.0 - 11.0 |
|
|
USD |
4.5 - 6.0 |
6.0 - 7.0 |
2. Inter-bank transaction turnover:
2.1. Transactions:
According to the reports of credit institutions and foreign bank branches, the total amount of transactions in the inter-bank market reached about VND 119.468 billion and USD amount equivalent to VND 16.786 billion, i.e VND 23.894 billion and VND 3.357 billion per day averagely.
Most VND transactions were overnight, 1 week and 2 week terms (accounting for 25%, 24% and 7% of the total amount of VND transactions respectively). Transactions in USD were mostly overnight and 1 week terms which accounted for 25% and 23% of the total amount of USD transactions respectively.
2.2. The average inter-bank interest rates:
For VND transactions: The inter-bank interest rates for below 1 month terms increased. Specifically, average interest rate of overnight, 1 week and 2 week terms increased by 1.03, 0.37 and 0.38 percentage point p.a respectively as compared to the week of December 29 – 31, 2014; the average rate for 1 month term decreased by 0.36 percentage point p.a.
For USD transactions: The average interest rate for overnight and 1 month terms increased while the average interest rate for below 1 month terms. Specifically, the average rate of overnight and 1 month terms increased by 0.02 and 0.03 percentage point p.a respectively. The rate for 1 week and 2 week terms decreased by 0.17 and 0.04 percentage point p.a respectively as compared to the week of December 29 - 31, 2014.
The specific average inter-bank interest rates were as follows:
Term |
Over night |
1 week |
2 weeks |
1 month |
3 months |
6 months |
9 months |
VND |
3.62 |
3.92 |
4.16 |
4.35 |
4.52 |
4.90 |
- |
USD |
0.23 |
0.27 |
0.53 |
0.53 |
1.13 |
1.50 |
- |
3. Exchange rate:
On January 6, 2015, the SBV announced the adjustment of the average inter-bank VND/USD exchange rate from 21,246 to 21,458 (by +1%) applicable from January 7, 2015. After the adjustment of the average inter-bank VND/USD exchange rate, the exchange rate quoted by commercial banks increased, and then was on downward trend. The VND/USD exchange rate quoted by Vietcombank was 21,380/21,405 in the first day of week (January 5); was up to 21,420/21,480 early on January 7 and was down to 21,340/21,400 at the end of January 9 (the selling exchange rate was 273 VND/USD lower than the ceiling exchange rate after the adjustment).
THE STATE BANK OF VIETNAM
Translated by DH