Developments in Money Market and Inter-bank Market (September 6-10, 2021)
1. Forex market and exchange rates:
During the week of September 6-10, 2021, the exchange rates and the forex market were relatively stable and the market liquidity was ensured for smooth operations. On September 6, 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 22,665/22,865 per USD, down by 15 VND per USD as compared to those of the last working day of the previous week (September 1, 2021). By end of September 10, the exchanged rates were quoted at VND 22,670/22,870 per USD, up by 5 VND per USD as compared to the rates of September 6, 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 694,220 billion, an average of VND 138,,844 billion per day, a decrease of VND 28,503 billion per day as compared to the previous week (August 30-September 1, 2021); meanwhile the transaction amount in USD was equivalent to VND 142,239 billion, an average of VND 28,448 billion per day, a decrease of VND 3,023 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 79% and 11% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 69% and 17% 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 opposite developments. Specifically, the average inter-bank interest rates for overnight and 1-month terms decreased by 0.01 percentage point and 0.53 percentage points respectively, to 0.64% p.a and 1.25% p.a respectively. Meanwhile, the average inter-bank interest rate for 1-week term increased by 0.04 percentage points, to 0.75% p.a.
- For transactions in USD: The average inter-bank interest rates of the key terms were relatively stable, with slight fluctuations around those of the previous week. Specifically, the average inter-bank interest rate for overnight term remained at 0.10% p.a. The average inter-bank interest rate for 1-week term increased by 0.01 percentage point, to 0.12% p.a; while the average inter-bank interest rate for 1-month term decreased by 0.02 percentage points, to 0.19% 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 |
0,75 |
1,03 |
1,25 |
2,23 |
2,90 |
3,15 |
USD |
0,10 |
0,12 |
0,16 |
0,19 |
0,62 |
0,88 |
1,60 |
Translated by Le Hang.