Developments in Money Market and Inter-bank Market (January 22-26, 2024)
1. Forex market and exchange rates:
During the week of January 22-26, 2024, the exchange rates were on an upward trend. On January 22, 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 24,365/24,705 per USD, down by 10 VND per USD as compared with the rates of the last working day of the previous week (January 19, 2024). By end of January 26, the exchange rates were quoted at VND 24,425/24,765 per USD, up by 60 VND per USD as compared with the rates of January 22, 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 within the week reached approximately VND 1,425,745 billion, an average of VND 285,149 billion per day, an increase of VND 25,975 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 273,596 billion, an average of VND 54,719 billion per day, an increase of VND 6,518 billion per day as compared to the previous week.
The transactions in VND were mostly for overnight term and 1-week term, accounting for 89% and 5% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 81% and 16% 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 overnight, 1-week and 1-month terms decreased by 0.02 percentage points p.a., 0.03 percentage points p.a., and 0.2 percentage points p.a. respectively.
- For transactions in USD: There was no transaction recorded for 9-month and 12-month plus terms. The average inter-bank interest rates for overnight,1-week and 1-month terms increased by 0.06 percentage points p.a., 0.09 percentage points p.a., and 0.01 percentage point 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 |
0.12 |
0.25 |
0.44 |
0.95 |
3.14 |
4.18 |
5.68 |
USD |
5.19 |
5.20 |
5.28 |
5.39 |
5.40 |
6.01 |
- |
Translated by Le Hang.