Developments in Money Market and Inter-bank Market (September 13-17, 2021)
1. Forex market and exchange rates:
During the week of September 13-17, 2021, the exchange rates and the forex market were relatively stable and the market liquidity was ensured for smooth operations. On September 13, 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 22,670/22,870 per USD, unchanged as compared to those of the last working day of the previous week (September 10, 2021). By end of September 17, the exchanged rates were quoted at VND 22,670/22,870 per USD, unchanged as compared to the rates of September 13, 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 825,733 billion, an average of VND 165,147 billion per day, an increase of VND 26,303 billion per day as compared to the previous week (September 6-10, 2021); meanwhile the transaction amount in USD was equivalent to VND 156,792 billion, an average of VND 31,358 billion per day, an increase of VND 2,911 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 81% and 10% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 68% and 15% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates were relatively stable, with slight fluctuations around those of the previous week. Specifically, the average inter-bank interest rate for overnight term remained at 0.64% p.a.; the average inter-bank interest rates for 1-week and 1-month terms increased by 0.01 percentage point and 0.12 percentage points respectively, to 0.76% p.a. and 1.37% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates experienced opposite developments. Specifically, the average inter-bank interest rate for overnight term remained at 0.10% p.a.; the average inter-bank interest rate for 1-week term decreased by 0.01 percentage point, to 0.11% p.a.; meanwhile, the average inter-bank interest rate for 1-month term increased by 0.03 percentage points, to 0.22% p.a.
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 |
0.64 |
0.76 |
0.97 |
1.37 |
1.79 |
2.63 |
3.74 |
USD |
0.10 |
0.11 |
0.15 |
0.22 |
0.34 |
0.85 |
0.00 |
Translated by Le Hang