Developments in Money Market and Inter-bank Market (July 8-12, 2024)
1. Forex market and exchange rates:
On July 8, 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 25,235/25,455 per USD, a decrease of 3 VND per USD as compared with the rates of the last working day of the previous week (July 5, 2024). By the end of July 12, the exchange rates were quoted at VND 25,240/25,460 VND per USD, an increase by 5 VND per USD as compared with the rates of July 8, 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 1,666,166 billion, an average of VND 333,233 billion per day, an increase of VND 18,503 billion per day as compared to the previous week; meanwhile, the transaction amount in USD was equivalent to VND 333,258 billion, an average of VND 66,652 billion per day, an increase of VND 10,489 billion per day as compared to the previous week.
With regard to the maturities, most of the transactions in VND were for overnight term (91.54% of the total amount of transactions), while the transactions for over 12-month terms had the smallest amount of transactions (about 5.6 billion VND, equivalent to 0.0003% of the total amount of transactions). For the transactions in USD, overnight and 1-week terms accounted for 80.59% and 14.54% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates for most terms increased as compared to the previous week (from 0.06% p.a. to 0.19% p.a.). The average inter-bank interest rate for 2-week term experienced the highest increase of 0.19 percentage points, while the average inter-bank interest rate for 3-month term experienced the lowest increase of 0.06 percentage points.
- For transactions in USD: The average inter-bank interest rates were relatively stable, with slight fluctuations around the rates of the previous week (changing from -0.04% p.a. to 0.07% 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 |
4.74 |
4.82 |
4.84 |
4.82 |
5.22 |
5.37 |
5.28 |
USD |
5.31 |
5.35 |
5.38 |
5.41 |
5.53 |
5.71 |
5.46 |
Translated by Hai Yen