- The mobilizing rates in VND were on a slight downward trend as compared to the previous week. Several banks namely the Vietnam Technological and Commercial Joint- Stock Bank and the Great Asia Commercial Joint-Stock Bank decreased the rates by 0.05-0.1 percentage points p.a for most terms from October 1, 2010.
- The mobilizing rates in USD were almost unchanged as compared to the previous week.
2. Lending rates
The VND lending rates were on a slight downward trend, because several joint-stock commercial banks reduced the rates for production and business.
The USD lending rates were almost unchanged as compared to the previous week.
The specific lending rates in VND and USD were as follows:
|
The average lending rates |
Currency |
Short term
(% p.a.) |
Medium & long terms (% p.a.) |
|
Group of state- owned commercial banks |
VND
|
Ordinary loans |
13.0 – 14.0 |
13.5 – 14.5 |
|
Loans for agricultural production and export |
11 – 12.5 |
12.5 – 13.5 |
|
USD |
|
5.5-6.0 |
6.0-7.0 |
|
Group of joint-stock commercial banks |
VND
|
Ordinary loans |
13.5-14.5 |
14-15.5 |
|
Loans for agricultural production and export |
11.5 -13 |
13.5-14.5 |
|
USD |
|
5.5-6.5 |
6.5-8.0 |
3. Transactions turnover:
According to the express reports of commercial banks, the total amount of transactions in the inter-bank market reached about VND 171,265 billion and USD 3,517 million, i.e. VND 28,544 billion and USD 586 million per day averagely.
Most transactions in VND were short terms (Overnight, 1 and 2 weeks), of which the amount of overnight transactions in VND was 60,510 billion, accounting for 35% of the total amount of transactions in VND. The amount of overnight transactions in USD was 1,840 million, accounting for 52% of the total amount of USD transactions.
4. Interest rates:
For the rates in VND, the average VND interest rate for below 1 month and demand terms slightly decreased by 0.02 - 0.25 percentage points. There was almost no transaction for 12 month terms except a small number of loans for finance companies with the rates of 7 – 9%. The rate for 3 month term slightly increased. The rates for 1 and 6 month terms were up by 0.33 and 0.54 percentage points respectively.
The rate for overnight term was 6.67% p.a. The rates for over 3 month terms were below 10% p.a. However, the rate for 6 month term was above 11% p.a. The highest lending rate was 12% p.a. while the lowest rate was 5% p.a. (Excluding the demand rate).
For the rates in USD, the average interest rates in USD slightly increased by 0.10 – 0.35 percentage points for most terms. The rate for 6 month term was 2.60% p.a (Up by 1.26 percentage point). There were transactions in USD for 12 month term but no transaction for demand term.
The average interest rates in the inter-bank market were as follows (% p.a.):
|
Term |
Overnight |
1 week |
2 weeks |
1 month |
3 months |
6 months |
12 months |
Demand |
|
VND |
6.67 |
7.17 |
7.61 |
8.85 |
10.15 |
11.09 |
8.72 |
1.91 |
|
USD |
0.41 |
0.61 |
0.66 |
0.93 |
1.01 |
2.60 |
3.26 |
- |
5. Gold price and exchange rate
The world gold price dramatically increased, affecting the domestic gold price. Consequently, the SBV allowed several businesses and commercial banks to import gold bars with big volume at proper time in order to stabilize the market in the direction of making the domestic gold price match with the world price.
The SBV continued to monitor the developments in the forex market in order to manage the exchange rate in a stable manner, contributing to controlling trade deficit and stabilizing macro-economy.
sbv
