Developments in Money Market and Inter-bank Market (May 04 - 06, 2022)
1. Forex market and exchange rates:
During the week of May 04 - 06, 2022, the forex market and the USD/VND exchange rates were relatively stable, and the market liquidity was ensured for smooth operations. On May 04, 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 22,830/23,110 per USD, up by 15 VND per USD as compared with the rates of the last working day of the previous week (April 29, 2022). By end of May 06, the exchange rates were quoted at VND 22,810/23,090 per USD, down by 20 VND per USD as compared with the rates of May 04, 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 1,168,240 billion, an average of VND 152,580 billion per day, a decrease of VND 81,068 billion per day as compared to the previous week (April 25-29, 2022); meanwhile the transaction amount in USD was equivalent to VND 142,102 billion, an average of VND 28,420 billion per day, a decrease of VND 13,010 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 84% and 7% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 71% and 10% 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 slight fluctuations in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 1.63% p.a., 2.01% p.a., and 2.54% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates increased slightly in different terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.76% p.a., 0.9% p.a., and 1.13% 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 |
1.63 |
2.01 |
2.25 |
2.54 |
3.08 |
3.79 |
4.17 |
USD |
0.76 |
0.90 |
1.06 |
1.13 |
1.65 |
2.68 |
- |
Translated by LK.