Developments in Money Market and Inter-bank Market (3-7 February 2025)
1. Forex market and exchange rates
On 3 February 2025, 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 25,140/25,500 per USD, an increase of VND 340/200 USD as compared with the rates of the last working day of the previous week (24 January 2025). By the end of 7 February 2025, the exchange rates were quoted at VND 25,110/25,470 per USD, a decrease of 30 VND per USD as compared with the rates of 3 February 2025.
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 during the week reached approximately VND 2,414,125 billion, an average of VND 482,825 billion per day, a decrease of VND 44,719 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 442,040 billion, an average of VND 88,408 billion per day, an increase of VND 12,766 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 93% and 3% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 88% and 8% of the total amount of transactions respectively.
2.2. Inter-bank interest rates
For transactions in VND: As compared to the previous week, the average inter-bank interest rates of some key terms experienced opposite movements as compared to the previous week. Specifically, the average inter-bank interest rate for overnight term increased by 0.6 percentage points, to 4.77% p.a. On the contrary, the average inter-bank interest rates for 1-week and 1-month terms decreased by 0.09 percentage points and 0.15 percentage points respectively, both to 4.73% p.a.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for most terms experienced small decreases. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms experienced decreases ranging from 0.01 to 0.06 percentage points, to 4.30% p.a., 4.34% p.a., and 4.40% p.a. respectively.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.77 |
4.73 |
4.85 |
4.73 |
5.27 |
5.02 |
- |
USD |
4.310 |
4.34 |
4.39 |
4.53 |
4.56 |
4.50 |
- |
Translated by HP