Developments in Money Market and Inter-bank Market (11-15 November 2024)
1. Forex market and exchange rates
On 11 November 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 25,116/25,476 per USD, a change of -14/+06 VND per USD as compared with the rates of the last working day of the previous week (8 November). By the end of 15 November, the exchange rates were quoted at VND 25,190/25,512 per USD, an increase of 74/36 VND per USD as compared with the rates of 11 November 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 1,882,450 billion, an average of VND 376,490 billion per day, a decrease of VND 28,158 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 345,387 billion, an average of VND 69,077 billion per day, a decrease of VND 28,135 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, (accounting for 91.65% and 4.88% of the total amount of transactions respectively). For USD transactions, overnight and 1-week terms accounted for 91.68% and 5.34% 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 of 1-month and below 1-month terms increased within a range of 0.09% and 0.5%. The average inter-bank interest rates for the key terms such as overnight and 1-week terms increased by 0.09% and 0.31% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for 3-month and below 3-month terms decreased. Specifically, the average inter-bank interest rate for 3-week term experienced the highest decrease of 0.28% p.a., while the average inter-bank interest rate for 1-month term experienced the lowest increase of 0.03% p.a.
The specific average inter-bank interest rates were as follows:
|
Overnight |
1-week |
3-week |
1-month |
3-month |
6-month |
9-month |
VND |
5.24 |
5.37 |
5.21 |
5.08 |
5.07 |
5.72 |
- |
USD |
4.60 |
4.63 |
4.69 |
4.69 |
4.80 |
- |
- |
HP