Developments in Money Market and Inter-bank Market (November 4-8, 2024)
1. Forex market and exchange rates
On November 4, 2024, 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 25,125/25,465 per USD, an increase of 11 VND per USD as compared with the rates of the last working day of the previous week (November 1). By the end of November 8, the exchange rates were quoted at VND 25,130/25,470 per USD, an increase of 5 VND per USD as compared with the rates of November 4, 2024.
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 VND in the inter-bank market during the week reached approximately VND 1,741,661 billion, an average of VND 348,332 billion per day, a decrease of VND 433 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 486,063 billion, an average of VND 97,213 billion per day, an increase of VND 31,229 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, (accounting for 90.59% and 5.77% of the total amount of transactions respectively). For USD transactions, overnight and 1-week terms accounted for 76.5% and 21.84% of the total amount of transactions respectively. The other terms accounted for less than 1% each of the total amount of transactions.
2.2. Inter-bank interest rates
For transactions in VND: As compared to the previous week, the average inter-bank interest rates of most terms experienced significant increases. Specifically, the average inter-bank interest rates for overnight and 1-week terms increased by 2.32% and 2.06% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for all terms experienced opposite movements. Specifically, the average inter-bank interest rate for 1-week term decreased by 0.22% p.a., while the average inter-bank interest rate for 3-week term increased by 0.12% p.a.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
3-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
5.15 |
5.06 |
4.97 |
4.68 |
5.31 |
5.30 |
5.00 |
USD |
4.84 |
4.64 |
4.75 |
4.72 |
5.02 |
5.09 |
- |
Translated by Le Hang