Developments in Money Market and Inter-bank Market (October 14-18, 2024)
1. Forex market and exchange rates
During the week from October 14 to October 18, 2024, the exchange rates were on an upward trend. On October 14, 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 24,660/25,020 per USD, an increase of 20 VND per USD as compared with the rates of the last working day of the previous week (October 11). By the end of October 18, the exchange rates were quoted at VND 24,980/25,340 per USD, an increase of 320 VND per USD as compared with the rates of October 14, 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 1,743,828 billion, an average of VND 348,766 billion per day, a decrease of VND 37,200 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 329,920 billion, an average of VND 65,984 billion per day, a decrease of VND 9,971 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight, 1-week and 1-month terms, (accounting for 89.39%, 4.89% and 1.85% of the total amount of transactions respectively). For USD transactions, overnight and 1-week terms accounted for 85.36% and 10.06% of the total amount of transactions respectively.
2.2. Inter-bank interest rates
For transactions in VND: As compared to the previous week, the average inter-bank interest rates for 3-month term and below decreased with a range from 0.06% to 0.56%. Meanwhile, the average inter-bank interest rate for 6-month term increased by 0.86%.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for all terms experienced slight changes within a narrow range. Specifically, the average inter-bank interest rate for 1-week term increased by 0.1%, while the average inter-bank interest rates for overnight and 2-week terms remained unchanged.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
3-week |
1-month |
3-month |
6-month |
9-month |
VND |
2.83 |
3.00 |
3.13 |
3.29 |
4.07 |
5.09 |
5.54 |
USD |
4.84 |
4.86 |
4.90 |
4.88 |
5.01 |
4.55 |
- |
HP