Developments in Money Market and Inter-bank Market (July 19 - 23, 2021)
1. Forex market and exchange rates:
During July 19 - 23, 2021, the exchange rates and the forex market were relatively stable, and the market liquidity was ensured for smooth operations. On July 19, 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 22,920/23,120 per USD, up by 10/10 VND per USD as compared to those of the last working day of the previous week (July 16, 2021). By end of July 23, the exchanged rates were quoted at VND 22,910/23,110 per USD, down by 10/10 VND per USD as compared to the rates of July 19, 2021.
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 766,039 billion, an average of VND 153,208 billion per day, an increase of VND 7,638 billion per day as compared to the previous week (July 12 – 16, 2021); meanwhile the transaction amount in USD was equivalent to VND 156,028 billion, an average of VND 31,206 billion per day, a decrease of VND 1,293 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 82% and 6% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 70% and 18% 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 slightly as compared to those of the previous week for most of the terms. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.95% p.a, 1.24% p.a and 1.48% p.a respectively.
- For transactions in USD: The average inter-bank interest rates of the key terms increased slightly as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms all increased by 0,01% p.a, to 0.11% p.a, 0.12% p.a and 0.24% 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 |
0.95 |
1.24 |
1.26 |
1.48 |
1.85 |
2.86 |
3.08 |
USD |
0.11 |
0.12 |
0.13 |
0.24 |
0.34 |
0.88 |
0.00 |
Translated by LK