Developments in Money Market and Inter-bank Market (September 23-27, 2024)
1. Forex market and exchange rates
On September 23, 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 24,460/24,800 per USD, an increase of 60 VND per USD as compared with the rates of the last working day of the previous week (September 20, 2024). By the end of September 27, the exchange rates were quoted at VND 24,420/24,760 per USD, a decrease of 40 VND per USD as compared with the rates of September 23, 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 during the week reached approximately VND 2,026,881 billion, an average of VND 405,376 billion per day, an increase of VND 15,426 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 372,905 billion, an average of VND 74,581 billion per day, a decrease of VND 7,457 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms (accounting for 87.71% and 10.19% of the total transaction amount respectively). For USD transactions, overnight and 1-week terms accounted for 87.56% and 8.91% of the total transactions respectively.
2.2. Inter-bank interest rates
For transactions in VND: The interest rates of 2-month and below 2-month terms increased as compared to the previous week. The average inter-bank interest rates for overnight and 1-week terms experienced the biggest increases of 0.85 percentage points and 0.81 percentage points respectively.
For transactions in USD: The average inter-bank interest rates of most terms decreased as compared to the previous week with the reduction ranging from 0.10% to 0.50%. Only the average interest rate of 2-week term remained unchanged at 4.9%.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
VND |
4,16 |
4,31 |
4,26 |
4,23 |
4,50 |
4,65 |
5,82 |
USD |
4,83 |
4,86 |
4,91 |
4,86 |
4,84 |
4,81 |
- |
HP