Developments in Money Market and Inter-bank Market (January 15-19, 2024)
1. Forex market and exchange rates:
During the week of January 15-19, 2024, the exchange rates were on an upward trend. On January 15, 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 24,295/24,635 per USD, up by 5 VND per USD as compared with the rates of the last working day of the previous week (January 12, 2024). By end of January 19, the exchange rates were quoted at VND 24,375/24,715 per USD, up by 80 VND per USD as compared with the rates of January 15, 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 1,295,870 billion, an average of VND 259,174 billion per day, a decrease of VND 35,266 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 241,008 billion, an average of VND 48,202 billion per day, a decrease of VND 2,821 billion per day as compared to the previous week.
The transactions in VND were mostly for overnight term and 1-week term, accounting for 88% 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 72% and 20% of the total amount of USD transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: There was no transaction recorded for the 9-month term. The average inter-bank interest rates for the key terms slightly fluctuated. Specifically, the average inter-bank interest rate for overnight term decreased by 0.01 percentage point p.a., while the average inter-bank interest rate for 1-week term increased by 0.01 percentage point p.a.
- For transactions in USD: The average inter-bank interest rates experienced insignificant changes as compared to those of the previous week. There was no transaction recorded for the 9-month and the 12-month terms. Meanwhile, the average inter-bank interest rates for overnight and 1-week terms increased by 0.05 percentage points p.a. and 0.01 percentage point 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 |
0.14 |
0.28 |
0.48 |
1.15 |
3.11 |
4.39 |
- |
USD |
5.13 |
5.11 |
5.23 |
5.38 |
5.43 |
6.01 |
- |
Translated by Le Hang.