Inter-Bank Trading of VND, U.S. Dollar Up Last Week

The State Bank of Vietnam (SBV), the country’s central bank, said on November 23 the total value of dong and U.S. dollar transactions on the inter-bank market was VND85.53 trillion and US$2.03 billion last week, up VND5.348 trillion and US$97 million from the previous week.

 

The overnight trading value accounted for 42% of total trading turnover in the Vietnamese dong, the central bank said in a statement.

 

The total trading turnover of dong and U.S. dollar averaged at VND17.106 trillion and US$405 million a day, up from VND16.036 trillion and US$385 million in the previous week.

 

Lending interest rate of the dong loans on the inter-bank market increased by 0.02%-0.3% for all terms except for two-week term loans which saw the rate down 0.59%. The highest lending rate was recorded at 10.5% per annum and the lowest at 1.8%.

 

Average overnight interest rate was 8.25% per annum, up 0.3% from the previous week. Lending rates for terms of between one week and one month were averaged at above 9% per annum while rate for those ranging from three months to one year was over 10.27%.

The trading rate of U.S. dollar was also in the uptrend for all terms, excluding two-week term whose lending rate slightly fell from the previous week. Highest average interest rate was at 3.6% per annum for six-month term, up 2.94%. Other terms carry rates of 1.03%-2.4%.

 

No U.S. dollar transaction for one-year term was reported last week.

 

Local commercial banks continued to raise their deposit interest rates in both dong and U.S. dollar and offered to buy/sell dollar at VND17,872-VND17,877 last week. (SBV)