Developments in Money Market and Inter-bank Market (July 15-19, 2024)
1. Forex market and exchange rates:
During the week of July 15-19, 2024, the exchange rates were on a downward trend. On July 15, 2024, 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 25,237/25,457 per USD, a decrease of 3 VND per USD as compared with the rates of the last working day of the previous week (July 12, 2024). By the end of July 19, the exchange rates were quoted at VND 25,158/25,458 VND per USD, a change of -79/+1 VND per USD as compared with the rates of July 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 1,735,536 billion, an average of VND 347,107 billion per day, an increase of VND 13,874 billion per day as compared to the previous week; meanwhile, the transaction amount in USD was equivalent to VND 305,398 billion, an average of VND 61,080 billion per day, a decrease of VND 5,572 billion per day as compared to the previous week.
With regard to the maturities, most of the transactions in VND were for overnight term (VND 1,561 billion, equivalent to 89.93% of the total amount of transactions), while the transactions for over 12-month terms had the smallest amount of transactions (about VND 6.5 billion, equivalent to 0.0004% of the total amount of transactions). For the transactions in USD, overnight and 1-week terms accounted for 80.41% and 16.41% 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. The average inter-bank interest rate for overnight term experienced the highest decrease of 0.28 percentage points, while the average inter-bank interest rate for 1–month and 3-month terms experienced the lowest decrease of 0.03 percentage points.
- For transactions in USD: The average inter-bank interest rates for overnight, 1-week and 1-month term remained unchanged at 5.31%, 5.35% and 5.41%. The average inter-bank interest rate for 2-month term increased by 0.32% as compared to the previous week.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
4.46 |
4.57 |
4.63 |
4.79 |
5.19 |
5.99 |
5.30 |
USD |
5.31 |
5.35 |
5.28 |
5.41 |
5.50 |
5.75 |
5.30 |
Translated by Le Hang