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Weekly Information on Banking Activities (Dec. 25 - 31, 2008)
The weekly information on banking activities (Dec. 25 - 31, 2008) is as follows:
1. According to the express reports of credit institutions by December 30, 2008, the average term interest rates in VND in the inter-bank market were on a downward trend with an exception that the 12-month term rate slightly increased as compared to the previous week. Specifically, the average overnight rate is 6.72% p.a, the rates of 1 week, 2 weeks, 1 month, 3 months, 6 months and 1 year are 7.33% p.a, 8.03% p.a, 8.78% p.a, 9.89% p.a, 10.55% p.a and 10.98% p.a respectively.
The average term interest rates in USD slightly increased in most terms, excluding the rates for 1 week and 2 weeks maturities. The common rates are below 3.05% p.a, the overnight rate is 0.84% p.a while the rates for terms over 1 week ranging from 1.31% p.a to 3.04% p.a.
2. After the State Bank of Vietnam (SBV) decided to depreciate the US$/VND average exchange rate in the inter-bank market by 3% to 16,989 VND on December 25, 2008, the forex market showed positive development; commercial banks quoted their exchange rates commonly at 17,400-17,484 VND. The policy has encouraged exporters to sell foreign currencies to commercial banks that considerably improved the foreign currency-denominated liquidity of the credit institutions. The forex market actively operated.
3. Activities of SBV’s leaders
- On December 29, SBV Governor Nguyen Van Giau and Mr. Ayumi Konishi, Country Director of the Resident Mission of the Asian Development Bank (ADB) in Vietnam, signed 3 loan agreements with the total value of USD 65.5 million. These three loans aim at supporting the implementation of the Poverty Reduction Program (USD 25 million), the Supplementary Loan for Emergency Rehabilitation of Calamity Damages Project (USD 25.5 million) and the Development of the Tourism Sector in Greater Mekong Subregion Project (USD 10 million).
- On December 30, SBV held a year-end conference at the International Convention Center in Hanoi, under the chairmanship of Governor Nguyen Van Giau, to review banking performance in 2008 and chart out the tasks of the banking sector for 2009. Prime Minister Nguyen Tan Dzung attended and spoke at this conference. Basing himself on the excellent advisory suggestions of SBV on monetary policy and mechanism in 2008, the Prime Minister commended the banking sector with such noble words as “Innovative – Consistent – Decisive – Timely, and Effective”.
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