Developments in Money Market and Inter-bank Market (November 6-10, 2023)
1. Forex market and exchange rates:
During the week of November 6-10, 2023, the exchange rates were on a downward trend. On November 6, 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 24,160/24,500 per USD, down by 190 VND per USD as compared with the rates of the last working day of the previous week (November 3, 2023). By end of November 10, the exchange rates were quoted at VND 24,130/24,470 per USD, down by 30 VND per USD as compared with the rates of November 6, 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 1,273,550 billion, an average of VND 254,710 billion per day, a decrease of VND 20,075 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 312,450 billion, an average of VND 62,490 billion per day, a decrease of VND 6,890 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 88% and 6% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 72% and 25% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates decreased 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 0.12 percentage points p.a., 0.3 percentage points p.a., and 0.35 percentage points p.a. respectively, to 0.81% p.a., 1.06% p.a., and 1.58% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates were relatively stable, with 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 unchanged at 5.04% p.a., 5.05% p.a., and 5.29% 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 |
0.81 |
1.06 |
1.35 |
1.58 |
3.58 |
4.98 |
6.46 |
USD |
5.04 |
5.05 |
5.13 |
5.29 |
6.09 |
6.22 |
5.90 |
Translated by Le Hang.