Developments in Money Market and Inter-bank Market (October 10 - 14, 2022)
1. Forex market and exchange rates:
During the week of October 10 - 14, 2022, the forex market was relatively stable, the USD/VND exchange rates experienced an upward trend and the market liquidity was ensured for smooth operations. On October 10, 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 23,740/24,020 per USD, unchanged as compared with the rates of the last working day of the previous week (October 07, 2022). By end of October 14, the exchange rates were quoted at VND 23,950/24,230 per USD, up by 210 VND per USD as compared with the rates of October 10, 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 1,162,118 billion, an average of VND 232,424 billion per day, a decrease of VND 34,200 billion per day as compared to the previous week (October 03 - 07, 2022); meanwhile the transaction amount in USD was equivalent to VND 257,308 billion, an average of VND 51,462 billion per day, an increase of VND 10,952 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 95% and 4% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 86% and 8% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: 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 6.37% p.a., 6.57% p.a., and 7.68% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates increased slightly as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms increased to 3.08% p.a., 3.21% p.a., and 3.58% 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 |
6.37 |
6.57 |
7.11 |
7.68 |
7.79 |
8.93 |
10.26 |
USD |
3.08 |
3.21 |
3.36 |
3.58 |
4.07 |
5.65 |
5.61 |
Translated by LK.