Developments in Money Market and Inter-bank Market (December 05 - 09, 2022)
1. Forex market and exchange rates:
During the week of December 05 - 09, 2022, the foreign exchange rates experienced a downward trend. On December 05, 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 23,790/24,070 per USD, down by 170 VND per USD as compared with the rates of the last working day of the previous week (December 02, 2022). By end of December 09, the exchange rates were quoted at VND 23,420/23,700 per USD, down by 370 VND per USD as compared with the rates of December 05, 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 1,248,185 billion, an average of VND 249,637 billion per day, a decrease of VND 15,265 billion per day as compared to the previous week (November 28 – December 02, 2022); meanwhile the transaction amount in USD was equivalent to VND 260,938 billion, an average of VND 52,188 billion per day, a decrease of VND 6,221 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 93% and 3% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 81% and 14% 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 movements in different terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight and 1-week terms increased by 0.04 percentage points and 0.16 percentage points respectively, to 5.56% p.a. and 6.23% p.a. respectively. Meanwhile, the average inter-bank interest rate for 1-month term decreased by 0.63 percentage points to 8.48% p.a.
- For transactions in USD: The average inter-bank interest rates was relatively stable and experienced slight fluctuations around the rates of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were stable at 3.8% p.a., 3.9% p.a., and 4.46% 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 |
5.56 |
6.23 |
6.14 |
8.48 |
10.27 |
8.18 |
- |
USD |
3.80 |
3.90 |
3.99 |
4.46 |
4.82 |
6.03 |
- |
Translated by LK.