In Q4’25, the interbank rate recorded varying yet relatively stable fluctuations in response to the changing local and global market conditions. During the beginning of the quarter, the banking system operated in an environment characterized by global financial volatility and significant foreign exchange trading. Although the massive increase in global foreign exchange trading in April 2025, which resulted from the hedging of US dollar positions, had impacted the capital flows in the previous periods, the interbank rate in the fourth quarter still recorded the effects of the cautious approach adopted during the beginning of the year.
The stability in the interbank rate during the fourth quarter resulted from the stable liquidity levels, with no signs of funding pressure in the global dollar market. Although the stagnancy in the interbank FX swap trading indicated the reliance of the banks on internal structures to raise finance, the effects of the tighter monetary policy, which began in the previous years, continued to be felt in the interbank rate.
Overall, the interbank rate in Q4’25 moved within a controlled range, reflecting balanced liquidity, careful risk management by banks, and moderate demand for short-term funds.
Analyst Insight
According to Procurement Resource, the Interbank Rate is expected to remain stable in the near term, supported liquidity management, unless unexpected shocks disrupted funding conditions.
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In the third quarter of 2025, interbank rates around the world showed a mix of volatility and tightening, shaped by diverging central bank policies, currency pressures, and shifting capital flows. In Hong Kong, rates whipsawed dramatically due to aggressive currency interventions by the HKMA to maintain the USD/HKD peg.
Liquidity injections in May pushed overnight HIBOR close to zero, but as the HKD weakened toward the soft end of its band, the central bank reversed course and drained liquidity. This tightening drove interbank rates across all maturities sharply higher.
Meanwhile, in Kenya, the Central Bank introduced KESONIA, a standardized overnight interbank rate. The rollout was smooth, with stable transaction volumes and minimal disruption to liquidity. This marked a positive step toward greater transparency and more efficient monetary policy transmission in the region.
In Vietnam, the interbank market faced pressures due to the depreciation of the Vietnamese d?ng. The State Bank of Vietnam took a cautious easing approach to support growth, but the widening interest rate gap with the U.S. dollar led to currency volatility. Reserve ratio cuts and looser lending policies provided short-term relief, though exchange rate concerns limited further easing.
Globally, major economies like the U.S. and UK approached monetary policy cautiously. The U.S. Federal Reserve signaled upcoming rate cuts amid a slowing labor market, while the Bank of England prepared to ease as inflation cooled. These moves influenced global funding costs, with carry trade activity and capital flows responding to shifting rate differentials.
The interbank rate refers to the rate that banks use while trading a large amount of foreign currencies with one and other. As this rate is pretty much reserved for banks and big financial institutions, the average person engaged in smaller money transfer is likely to be offered a marked-up rate so that the organisation involved in exchanging can make a profit. Many services (like Reuters) provide the status of interbank rate at any given time, but these rates are susceptible to several minute factors and can fluctuate at any point of time.
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