Developments in Money Market and Inter-bank Market (October 3-7, 2022)
1. Forex market and exchange rates:
During the week of October 3-7, 2022, the forex market was relatively stable, the USD/VND exchange rates increased slightly and the market liquidity was ensured for smooth operations. On October 3, 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 23,760/24,040 per USD, up by 30 VND per USD as compared with the rates of the last working day of the previous week (September 30, 2022). By end of October 7, the exchange rates were quoted at VND 23,740/24,020 per USD, down by 20 VND per USD as compared with the rates of October 3, 2022.
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 the inter-bank market within the week reached approximately VND 1,333,120 billion, an average of VND 266,624 billion per day, a decrease of VND 32,131 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 312,069 billion, an average of VND 62,414 billion per day, an increase of VND 4,291 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 94% and 4% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 76% and 18% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates experienced a remarkable upward trend in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 7.21% p.a., 7.13% p.a., and 7.82% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates fluctuated slightly as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were 3.06% p.a., 3.13% p.a., and 3.46% p.a. respectively.
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 |
7.21 |
7.13 |
6.56 |
7.82 |
8.06 |
8.13 |
9.01 |
USD |
3.06 |
3.13 |
3.33 |
3.46 |
4.47 |
5.36 |
- |
Translated by Le Hang.