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Weekly Information on Banking Activities (December 11 – 17, 2008)
The weekly information on banking activities(December 11 – 17, 2008) is as follows:
1. Last week, the monetary market remained stable. The lending rates in VND remained considerably stable while the rates in USD slightly reduced in comparison with the previous week. Recently, the rates are quoted as follows.
|
Currency |
Group |
The lowest rate
(%/p.a) |
The common rate
(% p.a) |
|
VND |
Group of state-owned commercial banks |
10,0 |
10,8-13,5 |
|
Group of joint-stock commercial banks |
12,0 |
13,5-14,8 |
|
USD |
Group of state-owned commercial banks |
5,0 |
6,0-7,18 |
|
Group of joint-stock commercial banks
|
5,1 |
8,08-8,84 |
Commercial banks reduced their mobilizing rates in VND of all deposit terms as compared to the previous week. Current mobilizing rates are commonly quoted as follows:
|
|
Currency |
Demand (% p.a.) |
3 months (% p.a.) |
6 months (% p.a.) |
12 months
(% p.a.) |
|
Group of state-owned commercial banks
|
VND |
3,0 |
8,88 |
9,13 |
10,25 |
|
USD |
1,19 |
2,65 |
3,35 |
4,0 |
|
Group of joint-stock commercial banks
|
VND |
3,28 |
9,98 |
10,16 |
10,44 |
|
USD |
1,42 |
4,64 |
5,85 |
5,06 |
2. According to the express reports of credit institutions, by December 16, 2008, the average interest rates in VND of most terms in the inter-bank market tended to decrease significantly, excluding the 3 month term which slightly increased as compared to the previous week. Specifically, the average overnight rate in VND is 7.1 p.a. and the average term rates of 1 week, 2 weeks, 1 month, 3 months, 6 months and 1 year are 8.28% p.a., 8.98% p.a., 9.86% p.a., 11.72% p.a., 13% p.a. and 9.68% p.a. respectively.
The average interest rates in USD in the inter-bank market moved slightly up for the short term loans and slightly down for the longer term loans. During the week, the USD interest rates in all terms are under 3% p.a.. Specially, the overnight rate is 1.04% p.a. and the rates of over 1 week terms ranged between 1.88% p.a. to 2.98% p.a.
3. Commercial banks quoted their exchange rates close to the ceiling rate set by SBV, commonly at 16,982-16,987 VND/USD while SBV continued to closely monitor the forex market in order to ensure macro-economic growth, and put trade deficit under control as well.
4. SBV Management Board’s activities
- On December 17, Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) hosted a meeting at the SBV head office in Hanoi with Mr. Chea Chanto, Governor of the National Bank of Cambodia, and his delegation on the occasion of their visit to Vietnam.
- On December 16, the Government of Vietnam and the Asian Development Bank (ADB) signed agreements for a loan to improve health care services in eight provinces in the south central coast region, and a technical assistance grant to help boost Viet Nam’s higher education sector development. The agreements were signed at the head office of the State Bank of Vietnam (SBV) in Hanoi by SBV Governor Nguyen Van Giau and Mr. Ayumi Konishi, ADB’s Country Director for Vietnam.
- On December 12, SBV Governor Nguyen Van Giau joined Mr. Ayumi Konishi, ADB’s Country Director for Vietnam in signing a loan agreement for the formulation of detailed designs for three expressway projects: the Hanoi-Lang Son Expressway, the Ha Long-Mong Cai Expressway and the BenLuc-Long Thanh Expressway; and a grant agreement for the preparation of the Ben Luc-Long Thanh Expressway.
- On December 12, Deputy Governor Nguyen Van Binh of the State Bank of Vietnam (SBV) had a meeting with a delegation of the Agence France Tresor (AFT) led by its Deputy General Director, Mr. Sébastien Boitreaud.
sbv
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