Standard Chartered Hanoi allowed to conduct pilot swap of non-convertible currencies

The SBV Governor issued Document No. 660/NHNN-CSTT on February 3, 2009 to permit the Hanoi Branch of the Standard Chartered to conduct pilot swap operations of such non-convertible currencies against the US dollar (USD) as Taiwan Dollar (TWD), South Korean Won (KRW), Chinese Yuan (CNY), Brazilian Real (BRL), and Argentine Peso (ARS). The time line for this undertaking is one year.

Additionally, the Standard Chartered Hanoi Branch is required to strictly comply with the regulations on interest rate swap contained in Decision No. 62/2006/QD-NHNN issued by the SBV Governor on December 29, 2006; the applicable regulations on interest rates, capital adequacy ratio, risk provisioning, forex management, and other relevant regulations.

The Standard Chartered Hanoi Branch will make its own decision and be responsible for conducting swap operations of non-convertible foreign currencies against USD. Meanwhile, it also has to send copies of the currency swap contracts and periodical reports to SBV.

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