Developments in Money Market and Inter-bank Market (June 14-18, 2021)
1. Forex market and exchange rates:
During June 14- 18, 2021, the exchange rates and the forex market were relatively stable, and the market liquidity was ensured for smooth operations, the USD/VND exchange rates were on an upward trend due to the appreciation of the USD in the world market. On June 14, 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 22,850/23,050 per USD, unchanged as compared to those of the last working day of the previous week (June 11, 2021). By end of June 18, the exchanged rates were quoted at VND 22,910/23,110 per USD, up by 60 VND per USD as compared to the rates of June 14, 2021.
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 702,067 billion, an average of VND 140,413 billion per day, an increase of VND 1,503 billion per day as compared to the previous week (June 7-11, 2021); meanwhile the transaction amount in USD was equivalent to VND 175,387 billion, an average of VND 35,077 billion per day, an increase of VND 923 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 78% and 11% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 73% and 15% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates fluctuated slightly for most terms. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.97% p.a, 1.2% p.a and 1.66% p.a respectively.
- 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 were 0.1% p.a, 0.12% p.a and 0.24% 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 |
0.97 |
1.20 |
1.33 |
1.66 |
2.01 |
2.51 |
3.21 |
USD |
0.10 |
0.12 |
0.15 |
0.24 |
0.38 |
0.62 |
0.90 |
Translated by Le Hang