Developments in Money Market and Inter-bank Market (November 27 – December 1, 2023)
1. Forex market and exchange rates:
During the week of November 27 – December 1, 2023, the exchange rates fluctuated towards both directions. On November 27, 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 24,075/24,415 per USD, down by 05 VND per USD as compared with the rates of the last working day of the previous week (November 25, 2023). By end of December 1, the exchange rates were quoted at VND 24,110/24,450 per USD, up by 35 VND per USD as compared with the rates of November 27, 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 1,487,330 billion, an average of VND 297,466 billion per day, an increase of VND 17,702 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 321,673 billion, an average of VND 64,335 billion per day, an increase of VND 13,202 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 89% 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 79% and 16% 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 as compared to those of the previous week. Specifically, the average inter-bank interest rate for overnight term decreased by 0.01 percentage point p.a., to 0.14% p.a.; meanwhile the average inter-bank interest rates for 1-week and 1-month terms increased by 0.02 percentage points p.a. and 0.05 percentage points p.a. respectively, to 0.32% p.a. and 1.09% 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 5.03% p.a., 5.06% p.a., and 5.38% 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 |
0.14 |
0.32 |
0.51 |
1.09 |
3.54 |
4.75 |
6.44 |
USD |
5.03 |
5.06 |
5.14 |
5.38 |
5.47 |
6.18 |
- |
Translated by Le Hang.