Developments in Money Market and Inter-bank Market (December 12 - 16, 2022)
1. Forex market and exchange rates:
During the week of December 12 - 16, 2022, the foreign exchange rates experienced a downward trend. On December 12, 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 23,560/23,840 per USD, up by 140 VND per USD as compared with the rates of the last working day of the previous week (December 09, 2022). By end of December 16, the exchange rates were quoted at VND 23,440/23,720 per USD, down by 120 VND per USD as compared with the rates of December 12, 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 1,260,276 billion, an average of VND 252,055 billion per day, an increase of VND 2,418 billion per day as compared to the previous week (December 05 - 09, 2022); meanwhile the transaction amount in USD was equivalent to VND 316,153 billion, an average of VND 63,231 billion per day, an increase of VND 11,043 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 93% and 3% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 88% and 6% 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 downward trend in the key terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms decreased by 0.29 percentage points, 0.17 percentage points and 0.66 percentage points respectively, to 5.27% p.a., 6.06% p.a. and 7.82% p.a. respectively.
- For transactions in USD: The average inter-bank interest rates increased slightly 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 increased by 0.2 percentage points, 0.38 percentage points and 0.25 percentage points respectively, to 4% p.a., 4.28% p.a., and 4.71% 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 |
5.27 |
6.06 |
6.86 |
7.82 |
10.05 |
8.29 |
9.00 |
USD |
4.00 |
4.28 |
4.45 |
4.71 |
5.29 |
5.89 |
- |
Translated by LK.