Developments in Money Market and Inter-bank Market (April 15-19, 2024)
1. Forex market and exchange rates:
During the week of April 15-19, 2024, the exchange rates experienced an increasing trend. On April 15, 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 24,960/25,300 per USD, an increase of VND 130 per USD as compared with the rates of the last working day of the previous week (April 12, 2024). By the end of April 19, 2024, the exchange rates were quoted at VND 25,163/25,473 VND per USD, a change of +203/+173 VND per USD as compared with the rates of April 15, 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 1,241,772 billion, an average of VND 310,443 billion per day, a decrease of VND 2,100 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 338,411 billion, an average of VND 84.603 billion per day, an increase of VND 11,194 billion per day as compared to the previous week.
With regard to the maturities, most of the transactions in VND were for overnight and 1-week terms, accounting for 88% and 5% of the total amount of VND transactions respectively. Similarly, the transactions in USD were mainly for overnight and1-week terms, accounting for 78% and 15% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: the average inter-bank interest rates for all terms increased as compared to the previous week, with most of the transactions in overnight term with an increase in the interest rate by 0.96 percentage points p.a., while the interest rate of 1-week term increased by 1.03 percentage points p.a.
- For transactions in USD: The average inter-bank interest rates for overnight, 1-week and 9-month terms remained unchanged as compared to the previous week. The interest rates for 2-week, 2-month, 6-month and 12-month terms increased. The interest rates for 3-week, 1-month and 3-month terms decreased.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
VND |
4.61 |
4.91 |
4.40 |
4.53 |
4.62 |
4.97 |
5.25 |
USD |
5.28 |
5.31 |
5.41 |
5.40 |
5.47 |
6.00 |
5.75 |
Translated by Hai Yen