Developments in Money Market and Inter-bank Market (December 2-6, 2024)
1. Forex market and exchange rates
On December 2, 2024, 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 25,149/25,452 per USD, a decrease of 11 VND per USD as compared with the rates of the last working day of the previous week (November 29). By the end of December 6, the exchange rates were quoted at VND 25,164/25,467 per USD, an increase of 15 VND per USD as compared with the rates of December 2, 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 during the week reached approximately VND 1,791,587 billion, an average of VND 358,317 billion per day, a decrease of VND 84,469 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 408,753 billion, an average of VND 81,751 billion per day, an increase of VND 11,071 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 93.34% and 3.89% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 85.97% and 9.17% 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 for 2-month term and below decreased with a range from 0.09% p.a. to 0.61% p.a. Meanwhile, the average inter-bank interest rates for 3-month and 6-month terms increased by 0.03% p.a. and 0.01% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for 1-week, 1-month, 2-month, and 3-month terms decreased with a range from 0.01% p.a. to 0.03% p.a. The average inter-bank interest rate for overnight term remained unchanged at 4.6% p.a.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.11 |
4.33 |
4.48 |
4.58 |
5.30 |
5.48 |
5.52 |
USD |
4.60 |
4.64 |
4.69 |
4.71 |
4.75 |
5.41 |
- |
Translated by Hai Yen