Developments in Money Market and Inter-bank Market (November 14-18, 2022)
1. Forex market and exchange rates:
During the week of November 14-18, 2022, the USD/VND exchange rates were relatively stable. On November 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 24,605/24,855VND per USD, a change of +55/-5 VND per USD as compared with the rates of the last working day of the previous week (November 11, 2022). By end of November 18, the exchange rates were quoted at VND 24,608/24,858 per USD, up by 3 VND per USD as compared with the rates of November 14, 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 1,299,510 billion, an average of VND 259,902 billion per day, an increase of VND 14,938 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 290,909 billion, an average of VND 58,182 billion per day, an increase of VND 3,042 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 92% and 3% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 81% 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 experienced a downward trend 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 decreased by 0.53 percentage points, 0.65 percentage points, and 0.53 percentage points respectively, to 4.74% p.a., 5.31% p.a., and 7.99% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates experienced opposite movements in different terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight term decreased by 0.02 percentage points to 3.81% p.a., while the average inter-bank interest rates for 1-week and 1-month terms increased by 0.04 percentage points and 0.10 percentage points, to 3.91% p.a. and 4.28% 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 |
4.74 |
5.31 |
6.55 |
7.99 |
8.54 |
10.24 |
8.50 |
USD |
3.81 |
3.91 |
4.05 |
4.28 |
4.87 |
5.81 |
5.92 |
Translated by Le Hang.