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SBV guides foreign currency trading
The State Bank of Vietnam (SBV) held a meeting to guide the trading of foreign currencies with state-owned economic groups and general corporations (Under Resolution 11/NQ-CP of the Government dated February 24, 2011) in Hanoi on April 15. The meeting was chaired by Mr. Nguyen Quang Huy - Director General of the Foreign Exchange Management Department and attended by representatives of several SBV departments and entities, and leaders and relevant officials of the Joint-Stock Commercial Bank for Foreign Trade of Vietnam, the Vietnam Joint-Stock Commercial Bank for Industry and Trade, the Vietnam Bank for Agriculture and Rural Development, and the Bank for Investment and Development of Vietnam.
At the meeting, Mr. Nguyen Quang Huy made an overall assessment of the implementation and positive impacts of Circular No.26/2009/TT-NHNN dated December 30, 2009 on the foreign currency trading by several state-owned economic groups and general corporations. He went on to state that in order to thoroughly implement the foreign currency trading in line with the direction of the Prime Minister (PM) and the SBV guidance, SBV provided timely instructions for credit institutions, state-owned economic groups and general corporations for the implementation of the Circular. Therefore, he remarked, the Circular has been basically implemented in a serious and effective manner with positive impacts, thus contributing to stabilizing the foreign exchange market over the past few years.
In regard to the PM’s instruction that SBV should promptly issue a Circular on the foreign currency trading by state-owned economic groups and general corporations in place of the existing regulations in the direction of wider coverage of the implementers including state-owned economic groups and general corporations and the state-owned subsidiaries (In accordance with Notice No.84/TB-VPCP of the Government Office dated April 13, 2011), he made known that SBV has formulated a draft Circular in place of Circular No. 26/2009/TT-NHNN. At this meeting, a representative of the Foreign Exchange Management Department presented important contents of the draft and highlighted its new points, especially the wider coverage of the implementers and the scope of the Circular.
The attendants highly appreciated positive effects of the implementation of Circular 26 and expressed the consensus on the successor Circular. They also discussed and contributed many inputs to help SBV quickly finalize the draft Circular for issuance.
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