Developments in Money Market and Inter-bank Market (January 09 - 13, 2023)
1. Forex market and exchange rates:
During the week of January 09 - 13, 2023, the foreign exchange rates experienced a downward trend. On January 09, 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 23,300/23,620 per USD, down by 10 VND per USD as compared with the rates of the last working day of the previous week (January 06, 2023). By end of January 13, the exchange rates were quoted at VND 23,290/23,610 per USD, down by 10 VND per USD as compared with the rates of January 09, 2023.
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 1,140,049 billion, an average of VND 228,010 billion per day, a decrease of VND 1,916 billion per day as compared to the previous week (January 03 - 06, 2023); meanwhile the transaction amount in USD was equivalent to VND 276,033 billion, an average of VND 55,207 billion per day, an increase of VND 3,279 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 89% 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 73% and 19% 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 opposite movements in different terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight and 1-week terms increased by 0.51 percentage points and 0.35 percentage points respectively, to 5.61% p.a. and 6.32% p.a. respectively. Meanwhile, the average inter-bank interest rate for 1-month term remained decreased by 0.02 percentage points, to 8.27% p.a.
- For transactions in USD: The average inter-bank interest rates was relatively stable and experienced 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 stable at 4.18% p.a., 4.2% p.a., and 4.58% 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 |
5.61 |
6.32 |
7.81 |
8.27 |
8.68 |
11.14 |
- |
USD |
4.18 |
4.20 |
4.38 |
4.58 |
5.05 |
5.99 |
- |
Translated by LK.