Developments in Money Market and Inter-bank Market (September 5-9, 2022)
1. Forex market and exchange rates:
During the week of September 5-9, 2022, the forex market and the USD/VND exchange rates were relatively stable, and the market liquidity was ensured for smooth operations. On September 5, 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 23,400/ 23,680 per USD, up by 80 VND per USD as compared with the rates of the last working day of the previous week (August 31, 2022). By end of September 9, the exchange rates were quoted at VND 23,410/23,690 per USD, up by 10 VND per USD as compared with the rates of September 5, 2022.
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 1,197,059 billion, an average of VND 239,412 billion per day, an increase of VND 71,788 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 220,216 billion, an average of VND 44,043 billion per day, an increase of VND 11,084 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 90% and 5% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 80% and 12% 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 most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 5.65% p.a., 5.66% p.a. and 5.47% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates experienced slight fluctuations in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 2.41% p.a., 2.57% p.a., and 2.94% 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 |
5.65 |
5.66 |
5.85 |
5.47 |
6.14 |
6.90 |
7.31 |
USD |
2.41 |
2.57 |
2.73 |
2.94 |
3.49 |
4.66 |
- |
Translated by Le Hang