Developments in Money Market and Inter-bank Market (May 13-17, 2024)
1. Forex market and exchange rates:
On May 13, 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 25,179/25,479 per USD, a change of +25/-5 VND per USD as compared with the rates of the last working day of the previous week (May 10, 2024). By the end of May 17, 2024, the exchange rates were quoted at VND 25,250/25,450 VND per USD, a change of +71/-29 VND per USD as compared with the rates of May 13, 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 1,514,046 billion, an average of VND 302,809 billion per day, a decrease of VND 5,000 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 351,104 billion, an average of VND 70,221 billion per day, an increase of VND 6,179 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 88.9% and 5.18% of the total amount of VND transactions respectively. Similarly, the transactions in USD were mostly for overnight and 1-week terms, accounting for 79.1% and 14.79% 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 overnight and 1-week terms, with the largest amounts of transactions, decreased by 0.13 percentage points p.a. (from 4.23% to 4.1%) and decreased by 0.17% (from 4.43% to 4.26%) respectively.
- For transactions in USD: The average inter-bank interest rate for overnight term was unchanged as compared to that of the previous week; the average inter-bank interest rate for 1-week term slightly increased from 5.33% to 5.34%.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.10 |
4.26 |
4.46 |
4.45 |
4.97 |
5.15 |
5.64 |
USD |
5.30 |
5.35 |
5.37 |
5.43 |
5.46 |
5.52 |
5.71 |
Translated by Le Hang