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Weekly information on banking activities (Oct 22-28, 2011)
1. Mobilizing and lending rates:
- Mobilizing rate:
+ The mobilizing rates remained unchanged. The VND mobilizing rates were commonly 6% p.a for demand deposits and all the time deposits of less-than-one-month maturity, and 14% p.a for over 1 month deposits; several credit institutions applied promotional programs with high value. To ensure the implementation of fixed interest rates of credit institutions as prescribed by law, the SBV issued Document No.8376/NHNN-CSTT dated October 26, 2011 on promotional programs when receiving deposits. Accordingly, in case that credit institutions apply prize promotion in accordance with law, their real interest rates (The quoted rates plus total costs of the promotion programs) are not allowed to exceed the prescribed rate; credit institutions are not allowed to conduct promotional programs against the Law on Commerce and to pay commissions for those institutions and individuals who helped to mobilize deposits.
+ The USD mobilizing rates were commonly 2% p.a for individuals and 0.5% p.a for economic institutions.
- The lending rates:
+ The VND lending rates continued to be stable. The VND lending rates were 16% - 19% p.a for agricultural and rural development and exporters, the lowest rate was 15% p.a,; 18-21% p.a for other productive and business enterprises with the lowest rate being 17% p.a; and 22-25% p.a for the non-productive sector.
+ The USD lending rates were commonly 6-7.5% p.a for short term and 7.5-8 % p.a for medium and long terms.
The specific lending rates were as follows:
|
Group of commercial banks |
Currency |
Short term
(% p.a.) |
Medium and long terms
(% p.a.) |
|
Group of state- owned commercial banks |
-VND applicable to ordinary loans
-VND applicable to loans for agricultural production and exporters |
- commonly at 18-19
- the lowest rate at 17
- Commonly at 16.5-17
- the lowest rate at 15 |
18.5-19
17-18 |
|
USD |
6.0-6.5 |
6.5-7.0 |
|
Group of joint-stock commercial banks |
-VND applicable to ordinary loans
-VND applicable to loans for agricultural production and exporters |
- Commonly at 18-19
- The lowest rate at 17
- Commonly at 17-19
- The lowest rate at 16 |
19-21
18-20 |
|
USD |
6.0-7.5 |
7.5-8.0 |
2. Inter-bank transactions turnover:
According to the express reports of commercial banks by October 26, the total amount of transactions in the inter-bank market reached about VND 151,060 billion and a USD amount equivalent to VND 96,559 billion , i.e. VND 30,212 billion and VND 19,312 billion per day averagely.
Most transactions in VND were short terms, especially overnight transactions. The amount of overnight transactions reached VND 61,099 billion, accounting for 40% of the total amount of VND transactions; a USD amount equivalent to VND 58,855 billion, accounting for 61% of the total amount of USD transactions.
3. The average inter- bank interest rates:
The interest rates by October 26 were as follows:
For the rates in VND, the average inter-bank interest rate for most terms was on a downward trend, especially for short term rates. The average rates for overnight, 1 week, 3 months terms sharply decreased by 0.49 - 1.79 percentage points p.a. The average rates for 2 weeks, 3 months and 12 months terms declined by 0.11 - 0.36 percentage points p.a.
The average rates for 3 weeks, 1 month and over 12 months terms slightly increased by 0.05 - 0.99 percentage points p.a. The average rate for 6 months term was unchanged in comparison with the previous week.
The average overnight interest rate sharply decreased by 1.79 percentage point as compared to the previous week to 12.19% p.a.. The rates for 1 week to 3 months terms ranged between 12.73% - 14.29% p.a. The rates for over 3 months terms were high at 15.81% - 20.56% p.a, of which the rate for 9 months term was 20.56% p.a, up by 6.45 p.a as compared to the previous period.
For the rates in USD, most transactions were short terms ( below 9 months), of which the average rates for overnight, 1 week and 6 months terms were on a upward trend, the rates for 2 week, 3 weeks, 1 month, 2 months and over 12 months terms were on a downward trend.
The average overnight rate was 0.92% p.a, up by 0.29 percentage point p.a as compared to the previous week. The rates for other terms ranged between 1.10% - 4.17% p.a. There was no transaction for 9 and 12 months.
The average interest rates in the inter-bank market were as follows (% p.a.):
|
Term |
Overnight |
1 week |
2 weeks |
3 weeks |
1 month |
2 months |
3 months |
6 months |
9 months |
12 months |
Over 12 months |
| VND |
12.19 |
14.06 |
14.17 |
13.5 |
14.29 |
13.01 |
12.73 |
15.81 |
20.56 |
16.31 |
16.98 |
| USD |
0.92 |
2.79 |
1.59 |
1.1 |
2.01 |
1.58 |
3.16 |
4.17 |
- |
- |
2.27 |
4. Exchange rate
The SBV issued documents to require credit institutions, foreign bank branches and the SBV municipal and provincial branches to implement Decree No. 95/2011/NĐ-CP on revision of Decree No. 202/2004/NĐ-CP dated December 10, 2004 on dealing with violations in the financial and banking sector. At the same time, the SBV requested municipal and provincial People’s Committees and relevant ministries to coordinate in implementing Decree No. 95/2011/NĐ-CP on monitoring the implementation of forex and gold trading management.
Moreover, the SBV required credit institutions and foreign bank branches with forex license to register and forecast their demands for the foreign currency purchase in the coming time. Due to a series of the mentioned - above solutions, the forex market was stable and the exchange rate was quoted in the set trading band. The exchange rate quoted by commercial banks was 21,005-21,011 VND/USD.
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