Developments in Money Market and Inter-bank Market (February 24-28, 2025)
1. Forex market and exchange rates
On February 24, 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 25,310/25,670 per USD, a decrease of VND 10 USD as compared with the rates of the last working day of the previous week (February 21, 2025). By the end of February 28, 2025, the exchange rates were quoted at VND 25,370/25,730 per USD, an increase of 60 VND per USD as compared with the rates of February 24, 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 2,794,251 billion, an average of VND 558,850 billion per day, an increase of VND 76,193 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 518,652 billion, an average of VND 103,730 billion per day, an increase of VND 28,559 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 85% and 10% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 81% and 15% 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 slight increases. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms increased by 0.06 percentage points, 0.04 percentage points and 0.01 percentage points respectively, to 4.35% p.a., 4.53% p.a., and 4.68% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for the key terms experienced opposite movements. Specifically, the average inter-bank interest rates for overnight and 1-week terms both increased by 0.01 percentage point, to 4.29% p.a. and 4.31% p.a. respectively. Meanwhile the average interest rate for 1-month term decreased by 0.11 percentage points, to 4.39% 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 |
4.35 |
4.53 |
4.73 |
4.69 |
5.24 |
6.16 |
- |
USD |
4.29 |
4.31 |
4.35 |
4.39 |
4.53 |
5.44 |
- |
Translated by Hai Yen