Developments in Money Market and Inter-bank Market (March 14-18, 2022)
1. Forex market and exchange rates:
During the week of March 14-18, 2022, the forex market and the USD/VND exchange rates were relatively stable, the market liquidity was ensured for smooth operations. On March 14, 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 22,750/23,030 per USD, up by 20 VND per USD as compared with the rates of the last working day of the previous week (March 11, 2022). By end of March 18, the exchange rates were quoted at VND 22,720/23,000 per USD, down by 30 VND per USD as compared with the rates of March 14, 2022.
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 1,082,444 billion, an average of VND 216,489 billion per day, an increase of VND 14,790 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 194,656 billion, an average of VND 38,931 billion per day, an increase of VND 2,857 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 86% and 6% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 75% and 8% 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 most of the terms experienced slight fluctuations. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 2.17% p.a., 2.24% p.a. and 2.69% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates for some terms experienced slight fluctuations. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.2% p.a., 0.34% p.a. and 0.54% p.a. respectively.
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 |
2.17 |
2.24 |
2.41 |
2.69 |
2.98 |
3.72 |
3.94 |
USD |
0.20 |
0.34 |
0.40 |
0.54 |
0.65 |
2.25 |
2.01 |
Translated by Le Hang