Developments in Money Market and Inter-bank Market (June 24-28, 2024)
1. Forex market and exchange rates:
On June 24, 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 25,255/25,475 per USD, an increase of 7 VND per USD as compared with the rates of the last working day of the previous week (June 21, 2024). By the end of June 28, the exchange rates were quoted at VND 25,253/25,473 VND per USD, down by 2 VND per USD as compared with the rates of June 24, 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 within the week reached approximately VND 1,857,475 billion, an average of VND 371,495 billion per day, an increase of VND 57,238 billion per day as compared to the previous week; meanwhile, the transaction amount in USD was equivalent to VND 373,794 billion, an average of VND 74,759 billion per day, an increase of VND 20,663 billion per day as compared to the previous week.
With regard to the maturities, most of the transactions in VND were for overnight and 1-week terms, accounting for 85% and 8% of the total amount of VND transactions respectively. For the transactions in USD, the largest volumes of transactions were seen with overnight and 1-week terms, accounting for 86% and 9% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates experienced opposite developments as compared to the interest rates of the previous week. The average inter-bank interest rates for overnight and 1-month terms decreased by 0.32 percentage points and 0.01 percentage point, to 3.54% p.a. and 4.66% p.a. respectively; meanwhile the interest rate for 1-week term increased by 0.17 percentage points to 4.22% p.a..
- For transactions in USD: The average inter-bank interest rates were relatively stable, with slight fluctuations around the rates of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms remained unchanged at 5.3% p.a., 5.35% p.a., and 5.45% p.a. respectively.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
3.54 |
4.22 |
4.50 |
4.66 |
5.06 |
5.13 |
5.93 |
USD |
5.30 |
5.35 |
5.39 |
5.45 |
5.51 |
5.55 |
5.65 |
Translated by Le Hang