Developments in Money Market and Inter-bank Market (May 23-27, 2022)
1. Forex market and exchange rates:
During the week of May 23-27, 2022, the forex market and the USD/VND exchange rates were relatively stable, and the market liquidity was ensured for smooth operations. On May 23, 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 23,035/23,315 per USD, up by 5 VND per USD as compared with the rates of the last working day of the previous week (May 20, 2022). By end of May 27, the exchange rates were quoted at VND 23,060/23,340 per USD, up by 25 VND per USD as compared with the rates of May 23, 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 1,072,413 billion, an average of VND 214,483 billion per day, an increase of VND 4,676 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 237,076 billion, an average of VND 47,415 billion per day, an increase of VND 962 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 87% 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 70% and 18% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates fluctuated slightly as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.89% p.a., 1.44% p.a., and 2.72% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates experienced slight fluctuations as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 0.87% p.a., 0.97% p.a., and 1.19% 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 |
0.89 |
1.44 |
2.01 |
2.72 |
2.97 |
3.85 |
4.14 |
USD |
0.87 |
0.97 |
1.13 |
1.19 |
1.46 |
2.78 |
- |
Translated by Le Hang