Developments in Money Market and Inter-bank Market (July 22-26, 2024)
1. Forex market and exchange rates:
During the week of July 22-26, 2024, exchange rates were on a downward trend. On July 22, 2024, the buying and selling exchange rates quoted on the website of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) were VND 25,154/25,474 per USD, representing a change of -04/16 VND per USD compared to the rates of the previous working day (July 19, 2024). By the end of July 26, the exchange rates were quoted at VND 25,121/25,461 VND per USD, a decrease of 33/13 VND per USD compared to the rates of July 22, 2024.
2. Inter-bank transaction operations:
2.1. Transactions:
According to reports submitted by credit institutions and foreign bank branches, the total amount of transactions in VND in the inter-bank market during the week reached approximately VND 1,795,223 billion, an average of VND 359,045 billion per day, representing an increase of VND 11,937 billion per day compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 319,128 billion, averaging VND 63,826 billion per day - an increase of VND 2,746 billion per day compared to the previous week.
Regarding maturities, most VND transactions were for overnight terms (accounting for 89.03% of the total transactions amount), followed by transactions for 1-week and 2-week terms, accounting for 4.54% and 2.19% of the total transactions amount, respectively. For USD transactions, overnight, 1-week and 2-week terms accounted for 80.80%, 13.85% and 3.61% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates for most terms increased compared to the previous week. The average inter-bank interest rates for 1-week, overnight, and 2-week terms increased by 0.32 percentage points, 0.28 percentage points, and 0.26 percentage points respectively.
- For transactions in USD: The average inter-bank interest rates for overnight, 1-week and 3-month terms remained unchanged at 5.31% p.a., 5.35% p.a., and 5.5% p.a, respectively. The average inter-bank interest rates for 1-month, 2-month and 6-month terms decreased by 0.13 percentage points, 0.33 percentage points, and 0.03 percentage points respectively. The interest rate for 2-week term increased by 0.1 percentage point.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
VND |
4.74 |
4.89 |
4.89 |
4.87 |
5.38 |
5.44 |
6.14 |
USD |
5.31 |
5.35 |
5.38 |
5.28 |
5.50 |
5.72 |
5.30 |
Translated by Hai Yen