Developments in Money Market and Inter-bank Market (February 26 - March 1, 2024)
1. Forex market and exchange rates:
On February 26, 2024, 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 24,500/24,840 per USD, up by 50/50 VND per USD as compared with the rates of the last working day of the previous week (February 23, 2024). By end of March 1, the exchange rates were quoted at VND 24,470/24,810 per USD, down by 30/30 VND per USD as compared with the rates of February 26, 2024.
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 1,878,071 billion, an average of VND 375,614 billion per day, an increase of VND 13,110 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 389,355 billion, an average of VND 77,871 billion per day, an increase of VND 9,008 billion per day as compared to the previous week.
The transactions in VND were mostly for overnight and 1-week terms, accounting for 90% and 6% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight and 1-week terms, accounting for 78% and 17% 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 below 1-month terms decreased as compared to those of the previous week. The average inter-bank interest rate for overnight term experienced the highest decrease of 0.64 percentage points p.a., while the average inter-bank interest rate for 3-week term experienced the lowest decrease of 0.09 percentage points p.a.
- For transactions in USD: The average inter-bank interest rates barely changed as compared to those of the previous week. The average inter-bank interest rates for overnight and 1-week terms were at 5.23% p.a. and 5.25% 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 |
2.38 |
2.64 |
2.07 |
2.69 |
2.98 |
3.59 |
5.45 |
USD |
5.23 |
5.25 |
5.3 |
5.4 |
5.49 |
6.08 |
5.78 |
Translated by Le Hang.