Developments in Money Market and Inter-bank Market (April 10 - 14, 2023)
1. Forex market and exchange rates:
During the week of April 10 - 14, 2023, the USD/VND exchange rates was relatively stable, and the market liquidity was ensured for smooth operations. On April 10, the buying and selling exchange rates quoted on the website of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) were at VND 23,280/23,620 per USD, unchanged as compared with the rates of the last working day of the previous week (April 07, 2023). By end of April 14, the exchange rates were quoted at VND 23,280/23,620 per USD, unchanged as compared with the rates of April 10, 2023.
2. Inter-bank transaction operations:
2.1. Transactions:
According to the reports submitted by the credit institutions and the foreign bank branches, the total amount of transactions in the inter-bank market within the week reached approximately VND 1,160,026 billion, an average of VND 232,005 billion per day, an increase of VND 19,807 billion per day as compared to the previous week (April 03 - 07, 2023); meanwhile the transaction amount in USD was equivalent to VND 301,717 billion, an average of VND 60,343 billion per day, a decrease of VND 4,295 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 86% and 7% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 81% and 12% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates increased in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms increased by 1.93 percentage points, 1.74 percentage points, and 0.29 percentage points respectively, to 5.35% p.a., 5.4% p.a., and 5.66% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates was relatively stable and experienced slight fluctuations around the rates of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were stable at 4.61% p.a., 4.61% p.a., and 4.98% p.a. respectively.
The specific average inter-bank interest rates were as follows:
Unit: % p.a
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
5.35 |
5.40 |
5.19 |
5.66 |
6.58 |
4.13 |
8.32 |
USD |
4.61 |
4.61 |
4.66 |
4.98 |
5.18 |
5.98 |
- |
Translated by LK.