Developments in Money Market and Inter-bank Market (February 22-26, 2021)
1. Forex market and exchange rates:
On February 22, 2021, 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 22,930/23,110 per USD, up by 5 VND per USD for both buying and selling exchange rates as compared to those of the last working day of the previous week (February 19, 2021). On the next two days, the exchange rates continued to go up to VND 22,940/23,120 per USD (February 24), after that the rates turned to go down to VND 22.920/23.100 per USD on February 26.
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 739,116 billion, an average of VND 147,823 billion per day, an increase of VND 77,723 billion per day as compared to the previous week (February 17-19, 2021); meanwhile the transaction amount in USD was equivalent to VND 153,418 billion, an average of VND 30,684 billion per day, an increase of VND 19,017 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 77% and 10% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 65% and 19% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates decreased in comparison with those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.35% p.a, 0.56% p.a and 1.06% p.a respectively.
- For transactions in USD: The average inter-bank interest rates declined slightly for all terms. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.11% p.a, 0.12% p.a and 0.11% 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 |
0.35 |
0.56 |
0.68 |
1.06 |
1.65 |
3.00 |
2.82 |
USD |
0.11 |
0.12 |
0.10 |
0.11 |
0.42 |
0.96 |
0.95 |
Translated by Le Hang