Developments in Money Market and Inter-bank Market (November 21 - 25, 2022)
1. Forex market and exchange rates:
During the week of November 21 - 25, 2022, the USD/VND exchange rates was relatively stable. On November 21, 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 24,607/24,857 per USD, down by 001 VND per USD as compared with the rates of the last working day of the previous week (November 18, 2022). By end of November 25, the exchange rates were quoted at VND 24,600/24,840 per USD, a change of -7/-17 VND per USD as compared with the rates of November 21, 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 1,320,339 billion, an average of VND 264,068 billion per day, an increase of VND 4,166 billion per day as compared to the previous week (November 14 - 18, 2022); meanwhile the transaction amount in USD was equivalent to VND 265,801 billion, an average of VND 53,160 billion per day, a decrease of VND 5,022 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 93% 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 81% and 14% 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 an upward 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 increased by 1.24 percentage points, 1.18 percentage points and 0.22 percentage points respectively, to 5.98% p.a., 6.49% p.a., and 8.21% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates was relatively stable and experienced slight fluctuations around the ratesterm level as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms wereremained at 3.81% p.a., 3.92% p.a., and 4.11% 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 |
5.98 |
6.49 |
6.65 |
8.21 |
9.08 |
9.26 |
- |
USD |
3.81 |
3.92 |
4.11 |
4.11 |
4.67 |
5.65 |
6.06 |
Translated by LK.