Developments in Money Market and Inter-bank Market (April 22-26, 2024)
1. Forex market and exchange rates:
During the week of April 22-26, 2024, the exchange rates experienced a decreasing trend. On April 22, 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 25,175/25,485 per USD, an increase of VND 12 per USD as compared with the rates of the last working day of the previous week (April 19, 2024). By the end of April 26, 2024, the exchange rates were quoted at VND 25,118/25,458 VND per USD, a change of -57/-27 VND per USD as compared with the rates of April 22, 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 1,965,840 billion, an average of VND 393,168 billion per day, an increase of VND 82,725 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 368,620 billion, an average of VND 73,724 billion per day, a decrease of VND 10,879 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 61.8% and 28.3% of the total amount of VND transactions respectively. Similarly, the transactions in USD were mainly for overnight and1-week terms, accounting for 55.61% and 30.44% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: the average inter-bank interest rates for overnight and 1-week terms, with the largest amounts of transactions, decreased by 0.55 percentage points p.a. and 0.27 percentage points p.a. respectively.
- For transactions in USD: The average inter-bank interest rates for overnight and 1-week terms were unchanged as compared to the previous week. The interest rates for 2-week and 2-month terms increased, while the interest rates for other 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 |
4.06 |
4.64 |
4.54 |
4.53 |
4.86 |
5.82 |
5.28 |
USD |
5.28 |
5.31 |
5.35 |
5.43 |
5.52 |
6.10 |
6.02 |
Translated by Le Hang