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Vietnam: Interbank trading value in second week of Apr declines over 30pct
The total trading turnover in the interbank market in dong and US dollar in week between April 9 and 13 reached nearly 233 trillion dong, or 70% against 337 trillion dong in the previous week, the State Bank of Vietnam (SBV) said citing reports from credit institutions.
Of which, the trading value in dong reached over 154 trillion dong, averaging at 30.8 trillion dong per day, down 16% on week.
The figure in US dollar was posted at nearly 79 trillion dong, or an average of nearly 16 trillion dong per day, falling over 50% against the average level of 35 trillion dong per day in the previous week.
Interbank transactions mainly occurred in short terms of overnight and one week, with 76% and nearly 60% for total trading value in dong and US dollar respectively.
The average interest rate in dong in week decreased for terms of 1-week, 2-weeks, 1-month and 6-months by 0.51% (2-week term) and 1.06% (1-month term).
For remaining terms, the average interest rate increased, of which, 12-month term saw the strongest increase of 1.36% while 9-month term remained unchanged at 13.5% per annum (p.a.). In week, there were no transactions in dong for more than 12-month terms.
The average interest rate in US dollar increased for overnight term, one-week and 2-months at 0.05%, 0.34% and 0.43% respectively. Remaining terms tended to fall by 0.03% (1-month term) and 1.68% p.a. (3-week term), however, the transaction volume for these terms was negligible.
In week, the focus was the central bank’s decision to lower 1% for all key rates as from April 11 whereby the deposit interest rate cap is only 12% p.a., refinancing rate at 13% p.a., rediscount rate at 11% p.a. and the overnight lending interest rate in interbank e-payment and clearing at 14% p.a.
Vietbiz24
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