Developments in Money Market and Inter-bank Market (December 16-20, 2024)
1. Forex market and exchange rates
On December 16, 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 25,185/25,485 per USD, an increase of 8 VND per USD as compared with the rates of the last working day of the previous week (December 13). By the end of December 20, 2024, the exchange rates were quoted at VND 25,240/25,540 per USD, an increase of VND 55 per USD as compared with the rates of December 16, 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 1,993,980 billion, an average of VND 398,796 billion per day, an increase of VND 8,945 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 426,895 billion, an average of VND 85,379 billion per day, an increase of VND 13,538 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 90% and 4% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 87% and 7% 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 most terms are on a downward trend. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms decreased by 0.9 percentage points p.a., 0.59 percentage points p.a., and 0.06 percentage points p.a. respectively, to 3.34% p.a., 3.87% p.a., and 4.87% p.a. respectively.
For transactions in USD: the average inter-bank interest rates are on a downward trend as compared to the previous month. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms decreased by 0.09 percentage points p.a., 0.13 percentage points p.a. and 0.29 percentage points p.a. respectively, to 4.52% p.a., 4.51% p.a., and 4.47% p.a. respectively.
The specific average inter-bank interest rates were as follows:
Overnight |
1-week |
2-week |
1-month |
3-month |
6-month |
9-month |
|
VND |
3.34 |
3.87 |
4.66 |
4.87 |
5.25 |
5.52 |
5.81 |
USD |
4.52 |
4.51 |
4.50 |
4.47 |
4.64 |
5.39 |
- |
Translated by LH