SBV proceeds with implementation of revised OMOs regulations

The Operations Center of the State Bank of Vietnam (SBV) started on January 15 to sign the “Contract of valuable papers repurchase” with members of the open market operations (OMOs) in order to implement Decision No.27/2008/QĐ-NHNN dated September 30, 2008 on the amendment of the regulations of the open market operations, which was promulgated together with Decision No. 01/2007/QĐ-NHNN of the SBV Governor dated January 5, 2007.

Accordingly, the regulations on “Contract of valuable papers repurchase” is applied in all forward transactions between the SBV and OMOs members. In any transactions, the sellers are responsible for making the appendix of the “contract of valuable papers repurchase”. The appendix will constitute an integral part of the “Contract of valuable papers repurchase” to serve as clear evidence of payment and hand-over of valuable papers between the SBV and credit institutions.

In order to create favorable conditions of transactions for OMOs members with the SBV on the occasion of the Lunar New Year period, the SBV Operations Center will conduct the repurchase under the following formalities :

1. By the direct way: The representative of the SBV Operations Center will directly sign repurchase contract with OMOs members or his/her authorized person whose sample signature has been registered with the SBV Operations Center. The duration of repurchase will last from January 19 to February 13, 2009.

2. By the indirect way (via post): the SBV Operations Center will send the “Contract of valuable papers repurchase” by post to the OMOs members for singing and sealing, then OMOs members will send back the contracts to the SBV Operations Center by February 13, 2009.

The signing of the “Contract of valuable papers repurchase” is a new innovative move in line with the SBV’s international commitments under the banking integration roadmap.

Additionally, this undertaking is among the commitments which the SBV has made with the Japan International Cooperation Agency (JICA) in developing the Project on Money Market Development of Vietnam in accordance with the directives of banking performance to 2010 and orientation towards 2020.

Diem Hang

sbv

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