|
ACB licensed to supply forex services
The Governor of the State Bank of Vietnam (SBV) issued on December 16 Document No.10934/NHNN-CNH, asserting that the Asia Joint-Stock Commercial Bank (ACB) has met proper conditions to provide foreign exchange services to its customers.
Under this Document, the Asia Joint-Stock Commercial Bank is allowed to conduct foreign exchange services as follows:
- Mobilization, lending and guaranty in foreign currencies in various forms set by the State Bank of Vietnam;
- Payment in foreign currencies in the domestic market in line with the SBV regulations on forex services;
- Acceptance and payment of remittance;
- Spots, forwards, futures, options, and other types of FX transactions in line with international practice;
- Authorizing other credit institutions and/or economic entities to act as agents to conduct money exchange, acceptance and payment of foreign currencies, and other services;
The SBV also requires the Asia Joint-Stock Commercial Bank to strictly comply with the Vietnamese law on forex services and other relevant legal documents.
The confirmation of commercial banks to meet proper conditions to provide forex services and to complete their registration of forex services is done in accordance with Circular No.03/2008/TT-NHNN of the SBV Governor dated April 11st, 2008 on guidelines of forex services of credit institutions.
sbv
|
