Developments in Money Market and Inter-bank Market (October 7-11, 2024)
1. Forex market and exchange rates
On October 7, 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 24,670/25,030 per USD, an increase of 90 VND per USD as compared with the rates of the last working day of the previous week (October 4, 2024). By the end of October 11, the exchange rates were quoted at VND 24,640/25,000 per USD, a decrease of 30 VND per USD as compared with the rates of October 7, 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 1,929,830 billion, an average of VND 385,966 billion per day, a decrease of VND 43,840 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 379,776 billion, an average of VND 75,955 billion per day, a decrease of VND 10,437 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight, 1-week and 1-month terms, (accounting for 87.73%, 6.11% and 1.4% of the total amount of transactions respectively). For USD transactions, overnight and 1-week terms accounted for 72.39% and 23.80% 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 were on the decline. The average inter-bank interest rate for 6-month term experienced the highest decrease of 0.96 percentage points, followed by the average inter-bank interest rate for 3-week term with a decrease of 0.85 percentage points, while the average inter-bank interest rate for 2–month term experienced the lowest decrease of 0.2 percentage points.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for all terms experienced slight changes within a narrow range. The average inter-bank interest rate for overnight term increased by 0.01% while the average inter-bank interest rates for 1-week and 2-month terms decreased by 0.2%.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
VND |
3.39 |
3.48 |
3.55 |
3.62 |
4.13 |
4.23 |
- |
USD |
4.84 |
4.85 |
4.90 |
4.88 |
5.05 |
4.77 |
- |
Translated by Hai Yen