SBV enhances oversight of foreign exchange market operations

The Governor of the State Bank of Vietnam (SBV) issued Document No.2879/NHNN-QLNH on April 22 to require the credit institutions with foreign exchange license to redress operations of their foreign exchange agents. Following are the requirements mentioned in the document:

1. To monitor and guide all the foreign exchange agents to strictly comply with the existing regulations on foreign exchange operations;

2. To enhance oversight of operations of foreign exchange agents. The credit institutions should take proper measures in line with the existing rules against all the cases of violation of the agent contracts or the foreign exchange agent regulations issued together with Decision No 21/2008/QĐ-NHNN and report all the violation cases to the SBV branches in their locations.

3. General Directors/Directors of credit institutions with foreign exchange license are responsible for operations of their foreign exchange agents. Based on the nature and intensity of violations by the foreign exchange agents, the SBV will take proper sanctions, including restriction of certain operational aspects of the licensed credit institutions.

Diem Hang

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