Developments in Money Market and Inter-bank Market (November 20-24, 2023)

2023-12-12 11:39:00 · SBV

1. Forex market and exchange rates:

During the week of November 20-24, 2023, the exchange rates fluctuated towards both directions. On November 20, 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 24,005/24,345 per USD, down by 70 VND per USD as compared with the rates of the last working day of the previous week (November 17, 2023). By end of November 24, the exchange rates were quoted at VND 24,080/24,420 per USD, up by 75 VND per USD as compared with the rates of November 20, 2023.

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 the inter-bank market within the week reached approximately VND 1,398,822 billion, an average of VND 279,764 billion per day, an increase of VND 28,364 billion per day as compared to the previous week; meanwhile the transaction amount in USD was equivalent to VND 255,662 billion, an average of VND 51,132 billion per day, a decrease of VND 13,962 billion per day as compared to the previous week.

Most VND transactions were for overnight term and 1-week term, accounting for 86% and 6% of the total amount of VND transactions respectively. The transactions in USD were mostly for overnight term and 1-week term, accounting for 74% and 21% of the total amount of USD transactions respectively.

2.2. Inter-bank interest rates:

- For transactions in VND: The average inter-bank interest rates decreased in most of the terms as compared to those of the previous week. Specifically, the average inter-bank interest rates for overnight,1-week and 1-month terms decreased by 0.15 percentage points p.a., 0.15 percentage points p.a., and 0.45 percentage points p.a. respectively, to 0.15% p.a., 0.3% p.a., and 1.04% p.a. respectively.

- For transactions in USD: The average inter-bank interest rates were relatively stable, with slight fluctuations around the rates of the previous week. Specifically, the average inter-bank interest rates for overnight, 1-week and 1-month terms were unchanged at 5.04% p.a., 5.06% p.a., and 5.31% p.a. respectively. The specific average inter-bank interest rates were as follows:

Unit: % p.a