Developments in Money Market and Inter-bank Market (September 26 – - 30, 2022)
1. Forex market and exchange rates:
During the week of September 26 – - 30, 2022, the forex market was relatively stable, the USD/VND exchange rates increased slightly and the market liquidity was ensured for smooth operations. On September 26, 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 23,590/23,870 per USD, up by 25 VND per USD as compared with the rates of the last working day of the previous week (September 23, 2022). By end of September 30, the exchange rates were quoted at VND 23,730/24,010 per USD, up by 140 VND per USD as compared with the rates of September 26, 2022.
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 1,493,772 billion, an average of VND 298,754 billion per day, an increase of VND 46,969 billion per day as compared to the previous week (September 19 - 23, 2022); meanwhile the transaction amount in USD was equivalent to VND 290,613 billion, an average of VND 58,123 billion per day, an increase of VND 5,647 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 90% and 5% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 83% and 12% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates experienced an upward trend in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 5.04% p.a., 5.51% p.a., and 5.59% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates also experienced a slight upward trend as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms increased to 3.07% p.a., 3.2% p.a., and 3.5% 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 |
5.04 |
5.51 |
5.51 |
5.95 |
6.70 |
7.68 |
8.00 |
USD |
3.07 |
3.20 |
3.36 |
3.50 |
4.14 |
5.17 |
- |
Translated by LK.