Developments in Money Market and Inter-bank Market (March 11-15, 2024)
1. Forex market and exchange rates:
During the week of March 11-15, 2024, the exchange rates experienced opposite movements. On March 11, 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 24,450/24,790 per USD, down by 50/50 VND per USD as compared with the rates of the last working day of the previous week (March 8, 2024). By end of March 15, the exchange rates were quoted at VND 24.550/24.890 per USD, up by 100/100 VND per USD as compared with the rates of March 11, 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 1,381,776 billion, an average of VND 276,355 billion per day, a decrease of VND 48,266 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 299,422 billion, an average of VND 59,884 billion per day, a decrease of VND 12,802 billion per day as compared to the previous week.
The transactions in VND were mostly for overnight, 1-week and 3-week terms, accounting for 86%, 6% and 4% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight and 1-week terms, accounting for 78% and 16% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: the average inter-bank interest rates for terms with large numbers of transactions decreased as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight and 1-week terms went down by 0.15 percentage points p.a. and 0.1 percentage point p.a. respectively.
- For transactions in USD: The average inter-bank interest rate for 9-month term decreased by 0.25% percentage points p.a. Meanwhile, the average inter-bank interest rates for the remaining terms fluctuated slightly within narrow ranges (between -0.07 to 0.07 percentage points p.a.).
The specific average inter-bank interest rates were as follows:
Unit: % p.a
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
1.14 |
1.38 |
1.59 |
1.76 |
3.01 |
4.03 |
4.07 |
USD |
5.24 |
5.23 |
5.30 |
5.37 |
5.53 |
6.02 |
5.91 |
Translated by Le Hang