Developments in Money Market and Inter-bank Market (December 25-29, 2023)
1. Forex market and exchange rates:
During the week of December 25-29, 2023, the exchange rates were on a slight upward trend. On December 25, 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 24,060/24,400 per USD, unchanged as compared with the rates of the last working day of the previous week (December 22, 2023). By end of December 29, the exchange rates were quoted at VND 24,080/24,420 per USD, up by 20 VND per USD as compared with the rates of December 25, 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 VND in the inter-bank market within the week reached approximately VND 1,951,783 billion, an average of VND 390,357 billion per day, an increase of VND 93,113 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 283,938 billion, an average of VND 56,788 billion per day, a decrease of VND 6.314 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 60% and 34% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 54% and 38% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates for most terms were on an upward trend 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 0.18 percentage points p.a., 0.45 percentage points p.a., and 1.46 percentage points p.a. respectively, to 0.76% p.a., 2.97 % p.a., and 2.07% 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 remained at 5.04% p.a., 5.08% p.a., and 5.33% 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 |
0.76 |
2.97 |
2.10 |
2.07 |
3.21 |
4.70 |
3.42 |
USD |
5.04 |
5.08 |
5.18 |
5.33 |
5.50 |
5.94 |
5.53 |
Translated by Le Hang.