Developments in Money Market and Inter-bank Market (February 17-19, 2021)
1. Forex market and exchange rates:
On February 17, 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 22,910/23,090 per USD, unchanged as compared to those of the last working day of the week before the Lunar New Year (February 9, 2021). On February 19, the exchange rates went up by VND 15 per USD to VND 22,925/23,105 per USD.
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 350.503 billion, an average of VND 70,101 billion per day, a decrease of VND 35,240 billion per day as compared to the week before the Lunar New Year (February 1-5, 2021); meanwhile the transaction amount in USD was equivalent to VND 58,333 billion, an average of VND 11,667 billion per day, a decrease of VND 19,628 billion per day as compared to the week before the Lunar New Year.
Most VND transactions were for overnight term and 1-week term, accounting for 83% 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 71% and 18% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates increased in comparison with those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 1.32% p.a, 1.32% p.a and 1.55% p.a respectively.
- For transactions in USD: The average inter-bank interest rates fluctuated slightly for all terms. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.1% p.a, 0.25% p.a and 0.21% 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 |
1.32 |
1.32 |
1.25 |
1.55 |
1.75 |
3.41 |
- |
USD |
0.10 |
0.25 |
0.35 |
0.21 |
0.39 |
1.01 |
0.96 |
Translated by Le Hang