SBV guidelines on forex agents

The Governor of the State Bank of Vietnam (SBV) issued Official Letter No.9699/NHNN-QLNH on October 30th, 2008 to guide in details the operations of foreign exchange agents in Vietnam which are regulated in Decision No.21/2008/QD-NHNN dated July 11th, 2008.

Under this Document, credit institutions are required to liquidate the foreign exchange (FX) contracts of those agents which fail to meet the proper conditions set by SBV and to grant new licenses for those agents which have fully met the conditions. Provincial and municipal SBV branches need to closely monitor the implementation of the regulations on FX agents, especially in terms of locations and facilities.

In addition, SBV makes it clear that all the cases of violations of the FX agent regulations should be dealt with severely, and that all the credit institutions permitted to provide FX services should submit their quarterly reports on foreign exchange performance to the SBV branches in their locations.

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