Developments in Money Market and Inter-bank Market (April 8-12, 2024)
1. Forex market and exchange rates:
During the week of April 8-12, 2024, the exchange rates experienced an increasing trend. On April 8, 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 24,790/25,130 per USD, up by VND 10 per USD as compared to the rates of the last working day of the previous week (April 5, 2024). By the end of April 12, 2024, the exchange rates were quoted at VND 24,840/25,180 per USD, an increase of VND 50 per USD as compared with the rates of April 8, 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 1,562,714 billion, an average of VND 312,543 billion per day, an increase of VND 7,283 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 367,044 billion, an average of VND 73,409 billion per day, an increase of VND 2,389 billion per day as compared to the previous week.
With regard to the maturities, most of the transactions in VND were for overnight and 1-week terms accounted for 90% and 4% of the total amount of VND transactions respectively. For the transactions in USD, overnight and 1-week terms accounted for 74% and 17% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: the average inter-bank interest rates for below 3 month terms decreased, in which the interest rate for 1-month term experienced the biggest decrease of 0.41 percentage points p.a., followed by the interest rate of 3-week term, with a decrease of 0.32 percentage points p.a.
- For transactions in USD: The average inter-bank interest rates for below 9-month terms hardly experienced any changes.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
3.65 |
3.88 |
3.75 |
3.62 |
3.94 |
4.75 |
5.22 |
USD |
5.28 |
5.31 |
5.35 |
5.44 |
5.50 |
5.89 |
5.75 |
Translated by Le Hang