Developments in Money Market and Inter-bank Market (October 21-25, 2024)
1. Forex market and exchange rates
On October 21, 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 25,070/25,430 per USD, an increase of 90 VND per USD as compared with the rates of the last working day of the previous week (October 18). By the end of October 25, the exchange rates were quoted at VND 25,197/25,467 per USD, an increase of 127/37 VND per USD as compared with the rates of October 21, 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 1,683,149 billion, an average of VND 336,630 billion per day, a decrease of VND 12,136 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 406,455 billion, an average of VND 81,291 billion per day, an increase of VND 15,307 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, (accounting for 89.16% and 4.42% of the total amount of transactions respectively). For USD transactions, overnight, 1-week and 2-week terms accounted for 81.17%, 9.64%, and 3.73% of the total amount of transactions respectively.
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. The average inter-bank interest rates for overnight, 1-week and 1-month terms increased by between 0.9 to 1.01%, to 3.84% p.a., 4% p.a., and 4.19% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for all terms experienced minor changes. Specifically, the average inter-bank interest rate for overnight term remained unchanged at 4.84% p.a.; the average inter-bank interest rate for 1-week term experienced a slight increase, while the average inter-bank interest rate for 1-month term decreased slightly as compared to the previous week, both of them were announced at 4.87% 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 |
3.84 |
4.00 |
4.11 |
4.19 |
4.38 |
5.19 |
- |
USD |
4.84 |
4.87 |
4.89 |
4.87 |
4.93 |
5.12 |
- |
HY