The total interbank trading value of the dong slipped 20% to VND203.09 trillion from VND258.014 trillion in the week ending Jan 6, 2012 while that of the dollar declined 18% to VND97.11 trillion from VND118.974 trillion.
The total interbank trading value of the dong slipped 20% to VND203.09 trillion from VND258.014 trillion in the week ending Jan 6, 2012 while that of the dollar declined 18% to VND97.11 trillion from VND118.974 trillion, said the State Bank of Vietnam (SBV) on its website on Jan 18, 2012.
Transactions in the interbank market were mostly for short terms. Specifically, trading value of the dong for 1-week loans accounted for 41% or VND83.803 trillion of the total dong turnover during the week. Meanwhile, overnight and 1-week trading of U.S dollars was VND55.232 trillion or 57% of the total turnover in the greenback.
The average dong interest rates on the interbank market edged down for short terms. Of note, 3-week and 2-month interest rates plunged by 1.59% and 1.8% to settle at 13.13% p.a. and 12.78% p.a., respectively. Interbank rates for above 3-month terms surged with 12-month interest rate representing the largest increase of 3.38%.
The average interbank interest rates for dollars rose for terms above 2 weeks. Particularly, average 3-month interest rate fell by the biggest amount (2.82%). Overnight and 1-week rates dropped by 0.64% and 0.15%, respectively.
The dong deposit interest rates were mostly close to the rate caps of 6% for under 1-month terms and 14% p.a. for other terms, while lending interest rates were 14.5-17% p.a. for agricultural producers and exporters (13.5% p.a. as the lowest), 22-25% p.a. for non production and 17-20% p.a. for others (15% p.a. as the lowest).
Dollar deposit interest rates ranged from 2% for individuals and 0.5% for economic organizations. Meanwhile, lending interest rates were mostly 6%-7.5% p.a. for short terms; and 7.5-9% p.a. for medium and long terms.
The local forex market was stable during the week. The dollar prices at commercial banks were reported to hover around VND21,030 and VND21,036 forbid and ask, respectively.
Table of Interest Rates in the Weeks Ending Dec 30, 2011 and Jan 6, 2012 (Unit: %)
|
Week |
Terms |
O/N |
1 week |
2 weeks |
3 weeks |
1 month |
2 months |
3 months |
6 months |
9 months |
12 months |
Over 12 months |
|
Ending Jan 6 |
VND |
14.18 |
13.90 |
13.16 |
13.13 |
14.47 |
12.78 |
14.89 |
15.08 |
16.00 |
16.96 |
15.44 |
|
USD |
0.67 |
1.59 |
2.27 |
3.70 |
2.32 |
2.95 |
3.62 |
5.79 |
- |
3.52 |
3.69 |
|
Ending Dec 30 |
VND |
14.49 |
14.01 |
14.05 |
15.93 |
14.75 |
15.31 |
13.14 |
14.33 |
21.00 |
20.40 |
16.96 |
|
USD |
1.16 |
1.77 |
2.62 |
1.67 |
2.86 |
2.65 |
3.40 |
5.36 |
- |
3.29 |
3.68 |
Source Sophie/ StoxPlus
