Developments in Money Market and Inter-bank Market (November 18 - 22, 2024)
1. Forex market and exchange rates
On November 18, 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 25,200/25,502 per USD, a change of +10/-10 VND per USD as compared with the rates of the last working day of the previous week (November 15). By the end of November 22, the exchange rates were quoted at VND 25,200/25,509 per USD, an increase of +0/+7 VND per USD as compared with the rates of November 18, 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 during the week reached approximately VND 1,957,381 billion, an average of VND 391,476 billion per day, an increase of VND 14,986 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 395,080 billion, an average of VND 79,016 billion per day, an increase of VND 9,939 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, (accounting for 90.57% and 3.17% of the total amount of transactions respectively). For USD transactions, overnight and 1-week terms accounted for 84.57% and 9.00% of the total amount of transactions respectively.
2.2. Inter-bank interest rates
For transactions in VND: As compared to the previous week, the average inter-bank interest rates of overnight, 1-week, 2-week, 1-month and 6-month terms decreased by 0.43%, 0.52%, 0.26%, 0.09% and 0.51% respectively. The average inter-bank interest rates for 3-week, 2-month and 3-month terms increased.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for 2-week and 3-month terms decreased by 0.02% and 0.03% respectively.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.81 |
4.85 |
4.95 |
4.99 |
5.25 |
5.21 |
5.46 |
USD |
4.60 |
4.63 |
4.67 |
4.70 |
4.77 |
- |
- |
Translated by Le Hang