Developments in Money Market and Inter-bank Market (June 10-14, 2024)
1. Forex market and exchange rates:
During the week of June 10-14, 2024, the exchange rates experienced an upward trend. On June 10, 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 25,214/25,454 per USD, an increase of 1 VND per USD as compared with the rates of the last working day of the previous week (June 7, 2024). By the end of June 14, 2024, the exchange rates were quoted at VND 25,221/25,461 VND per USD, an increase of 7 VND per USD as compared with the rates of June 10, 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 1,552,304 billion, an average of VND 310,460 billion per day, an increase of VND 18,856 billion per day as compared to the previous week; meanwhile, the transaction amount in USD was equivalent to VND 310,963 billion, an average of VND 62,192 billion per day, a decrease of VND 2,579 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, accounting for 89.40% and 4.57% of the total amount of VND transactions respectively. For the transactions in USD, the largest amounts of transactions were seen with overnight and 1-week terms, accounting for 84.79% and 8.35% of the total amount of transactions respectively.
2.2. Inter-bank interest rates:
- For transactions in VND: The average inter-bank interest rates for overnight and 1-week terms increased by 0.49% (from 3.93% to 4.42% p.a.) and 0.13% (from 4.39% to 4.52% p.a.) respectively.
- For transactions in USD: The average inter-bank interest rate for overnight term remained unchanged at 5.31% p.a., while the interest rate for 1-week term decreased from 5.35% to 5.34% p.a..
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.42 |
4.52 |
4.58 |
4.69 |
5.20 |
5.76 |
7.47 |
USD |
5.31 |
5.34 |
5.35 |
5.43 |
5.45 |
5.84 |
5.61 |
Translated by Hai Yen