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 VIETNAM - Interbank Trading Dong -45%, Dollar -28% in Week Ending Nov 11

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PostSubject: VIETNAM - Interbank Trading Dong -45%, Dollar -28% in Week Ending Nov 11    Thu Nov 24, 2011 4:21 pm

November 24, 2011


Interbank Trading Dong -45%, Dollar -28% in Week Ending Nov 11

The total interbank trading value of the dong fell 45% to VND135.821 trillion from VND245.564 trillion in the week ending Nov 11, while that of the dollar dropped 28% to VND59.056 trillion from VND82.492 trillion, said the State Bank of Vietnam (SBV) on its website on Nov 23.


Transactions in the interbank market were mostly for overnight and 1-week terms. Specifically, trading value of the dong for overnight term accounted for 41% or VND55.342 trillion of the total dong turnover during the week. Meanwhile, overnight trading of U.S dollars was VND35.213 trillion or 60% of the total turnover in the greenback.


The average interest rates of the dong on the interbank market edged up for most terms by 0.31-8.75%, in which average 12-month interest rate surged by 8.75% to 22.75% p.a.


The average interbank interest rates for dollars rose for most short terms (overnight, 1-week, 2-week, 2-month and 3-month) and declined for others.


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 15-18% for agricultural producers and exporters, 22-25% p.a. for non production and 18-21% p.a. for others.


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 VND21,005 and VND21,011 forbid and ask, respectively.


http://www.vietfinancenews.com/2011/11/interbank-trading-dong-45-dollar-28-in.html#more





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