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Government regulates central bank’s work
The Government issued on August 19 a decree regulating the functions, rights, responsibilities and structure of the State Bank of Vietnam (SBV).
The SBV is also in charge of refinancing capital and payment instruments in the short term for the benefit of the economy.
Under Decree No 96/2008/ND-CP, SBV is considered as a ministerial agency, and is tasked to manage monetary, banking and other relevant public services.
It also assigns the central bank 27 missions and rights that include building national monetary policy and submitting them to the Government and the National Assembly, as well as managing interest rates, exchange rates, administrative commands and open market operations to implement national monetary policy.
The SBV is also in charge of refinancing capital and payment instruments in the short term for the benefit of the economy.
The central bank is allowed to grant and withdraw operating licenses of credit institutions, except some special cases dictated by the Prime Minister, and to set up international payment balances and manage international loans.
The Government also ordered the SBV to be responsible for printing, casting, preserving and transporting money, as well as issuing money, withdrawing, destroying and replacing money.
In terms of structure, the central bank has 19 supporting organisations and five agencies underneath it: the Institute for Banking Strategy, the Credit Information Centre, the Banking Times and the School for Training Banking Staff.
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