Interbank dong, dollar trading both rise, dong o/r rates up 0.61%

Trading value of the dong and dollar both increased to VND 154.531 trillion and $3.069 billion on the inter-bank market during the week ending June 29, said the State Bank of Vietnam (SBV) in a statement.

Overnight trading of the dong was VND 63.511 trillion, accounting for 41% of total dong trading value; while that of dollars was $1.697 billion, making up 55% of total dollar trading value.

The average interest rates of the dong on the inter-bank market edged down by 0.02-0.12% for most terms, but overnight and 12-month interest rates rose by 0.61% and 0.38%, respectively. The average overnight interest rate for the dong was 12.44% p.a. last week.

The average interest rates for dollars rose by 0.01% and 0.75% for one-week to 3-month terms, in which the 3-month interest rate rose by 0.75% to 2.46%, marking the biggest increase among terms.

However, those for overnight and 6-month terms fell by 0.05% and 0.35%. The average overnight interest rate for dollars was 0.8% p.a. last week.

Dong lending interest were 16.5%-20% p.a. for rural areas, 18-21% p.a. for production loans and 22-25% p.a. for non-production loans. Dollar lending rates were 6-7.5% for short terms, 7-8.5% for medium to long terms.

However, deposit interest rates for both currencies were not available.

Trading in the local forex market remained stable last week. Commercial banks continued to net buy dollars from the public and organizations, helping to pick up supply of dollars in the banking system.

Local lenders quoted dollar prices at VND 20,550 – 20,620, respectively for bids and ask.

Table of Interest Rates in the Weeks Ending June 29 and June 24 (Unit %) – Stoxplus.com

 

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial