Developments in Money Market and Inter-bank Market (September 27 – October 1, 2021)
1. Forex market and exchange rates:
During the week of September 27 – October 1, 2021, the USD/VND exchange rates and the forex market were relatively stable, and the market liquidity was ensured for smooth operations. On September 27, 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 22,660/22,860 per USD, equivalent to those of the last working day of the previous week (September 24, 2021). By end of October 1, the exchange rates were quoted at VND 22,660/22,860 per USD, unchanged as compared with the rates of September 27, 2021.
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 the inter-bank market within the week reached approximately VND 810,737 billion, an average of VND 162,147 billion per day, an increase of VND 5,484 billion per day as compared to the previous week (September 20-24, 2021); meanwhile the transaction amount in USD was equivalent to VND 183,577 billion, an average of VND 36,715 billion per day, an increase of VND 2,207 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 82% and 9% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 73% and 14% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates experienced opposite movements as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight and 1-week terms remained at 0.67% p.a. and 0.81% p.a. respectively, while the average inter-bank interest rate for 1-month term decreased by 0.46 percentage points to 0.88% p.a.
- For transactions in USD: The average inter-bank interest rates of the key terms were relatively stable, with slight fluctuations around those of the previous week. Specifically, the average inter-bank interest rates for overnight and 1-week terms remained at 0.10% p.a. and 0.12% p.a. respectively. Meanwhile, the average inter-bank interest rate for 1-month term increased by 0.02 percentage points to 0.26% p.a.
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 |
0.67 |
0.81 |
1.00 |
0.88 |
2.12 |
2.33 |
3.56 |
USD |
0.10 |
0.12 |
0.16 |
0.26 |
0.33 |
0.93 |
0.00 |
Translated by LK.