Developments in Money Market and Inter-bank Market (April 17-21, 2023)
1. Forex market and exchange rates:
During the week of April 17-21, 2023, the USD/VND exchange rates was relatively stable, and the market liquidity was ensured for smooth operations. On April 17, 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 23,320/23,660 per USD, up by 40 VND per USD as compared with the rates of the last working day of the previous week (April 14, 2023). By end of April 21, the exchange rates were quoted at VND 23,320/23,660 per USD, unchanged as compared with the rates of April 17, 2023.
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 1,181,496 billion, an average of VND 236,299 billion per day, an increase of VND 4,294 billion per day as compared to the previous week (April 10-14, 2023); meanwhile the transaction amount in USD was equivalent to VND 297,820 billion, an average of VND 59,564 billion per day, a decrease of VND 779 billion per day as compared to the previous week.
Most VND transactions were for overnight term and 1-week term, accounting for 89% and 5% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 79% and 13% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates decreased for below 1-month terms and increased for the remaining terms. Specifically, the average inter-bank interest rates for overnight and 1-week terms decreased by 0.94 percentage points and 0.81 percentage points respectively, to 4.41% p.a. and 4.59% p.a. respectively, while the average inter-bank interest rate for 1-month term increased by 0.12 percentage points p.a., to 5.78% p.a.
- For transactions in USD: The average inter-bank interest rates was relatively stable and experienced slight fluctuations around the rates of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were stable at 4.62% p.a., 4.65% p.a., and 5.01% 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 |
4.41 |
4.59 |
4.74 |
5.78 |
7.45 |
7.60 |
6.49 |
USD |
4.62 |
4.65 |
4.75 |
5.01 |
5.24 |
5.99 |
- |
Translated by Le Hang