Developments in Money Market and Inter-bank Market (November 25-29, 2024)
1. Forex market and exchange rates
On November 25, 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 25,197/25,506 per USD, a change of -3 VND per USD as compared with the rates of the last working day of the previous week (November 22). By the end of November 29, the exchange rates were quoted at VND 25,160/25,463 per USD, a change of -37/-43 VND per USD as compared with the rates of November 25, 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 2,213,930 billion, an average of VND 442,786 billion per day, an increase of VND 51,310 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 353,397 billion, an average of VND 70,679 billion per day, a decrease of VND 8,337 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 86.64% and 9.60% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 88.25% and 8.43% 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 overnight, 1-week, 3-week, and 1-month terms decreased by 0.61% p.a., 0.27% p.a., 0.24% p.a., and 0.11% p.a. respectively. The average inter-bank interest rates of 2-week, 2-month, 3-month, and 6-month terms increased.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates experienced minor changes. The average inter-bank interest rate for overnight term remained unchanged at 4.6% 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 |
4.20 |
4.58 |
5.09 |
4.88 |
5.27 |
5.47 |
5.27 |
USD |
4.60 |
4.65 |
4.65 |
4.72 |
4.78 |
5.43 |
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