Developments in Money Market and Inter-bank Market (December 23-27, 2024)
1. Forex market and exchange rates
On December 23, 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 25,230/25,530 per USD, a decrease of 10 VND per USD as compared with the rates of the last working day of the previous week (20 December). By the end of December 27, 2024, the exchange rates were quoted at VND 25,238/25,538 per USD, an increase of VND 8 per USD as compared with the rates of December 23, 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 2,273,650 billion, an average of VND 454,730 billion per day, an increase of VND 55,934 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 388,606 billion, an average of VND 77,721 billion per day, a decrease of VND 7,658 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 87.41% and 6.12% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 81.39% and 13.64% 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 3-month term and below increased. The average inter-bank interest rate for 1-week term experienced the highest increase of 1.10 percentage points, while the average inter-bank interest rate for 2-month term experienced the lowest increase of 0.11 percentage points.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for 3-month term and below decreased with a range from 0.02 percentage points to 0.13 percentage points. Meanwhile, the average inter-bank interest rate for 6-month term increased by 0.05 percentage points.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.36 |
4.97 |
5.05 |
5.27 |
5.52 |
5.45 |
- |
USD |
4.39 |
4.45 |
4.48 |
4.44 |
4.62 |
5.44 |
- |
Translated by HY