Developments in Money Market and Inter-bank Market (January 13-17, 2025)
1. Forex market and exchange rates
On January 13, 2025, 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 25,200/25,560 per USD, an increase of 2 VND per USD as compared with the rates of the last working day of the previous week (January 10, 2025). By the end of January 17, the exchange rates were quoted at VND 25,150/25,510 per USD, a decrease of 50 VND per USD as compared with the rates of January 13.
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 2,038,559 billion, an average of VND 407,712 billion per day, an increase of VND 9,143 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 383,292 billion, an average of VND 76,658 billion per day, an increase of VND 931 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight term, accounting for 91% of the total amount of transactions. For USD transactions, overnight and 1-week terms accounted for 70% and 22% 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 were on an upward trend. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms experienced increases ranging from 0.05 to 0.18 percentage points, to 4.22% p.a., 4.44% p.a., and 4.92% p.a. respectively.
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for most terms experienced small decreases, except for 1-month and 3-month terms. Specifically, the average inter-bank interest rates for overnight and 1-week terms decreased by 0.04% and 0.08% respectively, to 4.31% p.a. and 4.33% p.a. respectively. Meanwhile, the average inter-bank interest rate for 1-month term slightly increased by 0.01 percentage point, to 4.53% 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 |
4.22 |
4.44 |
4.80 |
4.92 |
5.4 |
4.88 |
- |
USD |
4.31 |
4.33 |
4.45 |
4.53 |
4.63 |
- |
- |
Translated by LH