Developments in Money Market and Inter-bank Market (March 3-7, 2025)
1. Forex market and exchange rates
On March 3, 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 25,420/25,780 per USD, an increase of VND 50 USD as compared with the rates of the last working day of the previous week (February 28, 2025). By the end of March 7, 2025, the exchange rates were quoted at VND 25,330/25,690 per USD, a decrease of 90 VND per USD as compared with the rates of March 3, 2025.
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 2,426,280 billion, an average of VND 485,256 billion per day, a decrease of VND 73,594 billion per day as compared to the previous week. Meanwhile, the transaction amount in USD was equivalent to VND 481,340 billion, an average of VND 96,268 billion per day, a decrease of VND 7,463 billion per day as compared to the previous week.
Regarding the maturities, most VND transactions were for overnight and 1-week terms, accounting for 94% and 3% of the total amount of transactions respectively. For USD transactions, overnight and 1-week terms accounted for 88% 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 rate of overnight term experienced a slight increase, while the inter-bank interest rates of most terms decreased. Specifically, the average inter-bank interest rate for overnight term increased by 0.03 percentage points, to 4.38% p.a., while the average inter-bank interest rates for 1-week and 1-month terms decreased by 0.2 percentage points and 0.25 percentage points respectively, to 4.33% p.a. and 4.43% p.a. respectively
For transactions in USD: As compared to the previous week, the average inter-bank interest rates for the key terms experienced opposite movements. Specifically, the average inter-bank interest rate for overnight term was remained at 4.29% p.a. The average interest rate for 1-week term decreased by 0.04 percentage points, to 4.27% p.a., while the average interest rate for 1-month term slightly increased by 0.01 percentage point, to 4.40% 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 |
4.38 |
4.33 |
4.56 |
4.43 |
4.98 |
6.07 |
5.65 |
USD |
4.29 |
4.27 |
4.38 |
4.40 |
4.47 |
5.15 |
- |
Translated by HY