Tin Nghia and ANZ bank allowed provide forex services

The Governor of the State Bank of Vietnam (SBV) issued, on March 31, Document No. 2171/NHNN-CNH, asserting that the Vietnam Tin Nghia Joint-Stock Commercial Bank has met proper conditions to provide forex services including foreign currency trading according to the exchange rate stipulated by the SBV.

On the same day, the SBV Governor issued Document No. 2170/NHNN-CNH, asserting that the ANZ Bank (Vietnam) Ltd. has registered to provide forex services in the oversea market. The bank is permitted to supply such forex services as follows: providing international payment service; trading foreign currency and gold in overseas market; participating in overseas money and derivative markets.

The SBV also requires the Vietnam Tin Nghia Joint-Stock Commercial Bank and the ANZ Bank (Vietnam) Ltd. 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 complete their registration of forex services is done in accordance with Circular No.03/2008/TT-NHNN of the SBV Governor dated April 11, 2008 on guidelines of forex services of credit institutions.

sbv

>   Vietinbank allowed to do factoring (04/04/2009)

>   VDB’s credit guarantee program inaccessible to many businesses (02/04/2009)

>   Online securities transactions regulated (02/04/2009)

>   Yield caps, forex woes slow dollar bond sales (02/04/2009)

>   SBV makes 6 new appointments (01/04/2009)

>   Vietinbank appointed as service bank for Ho Chi Minh City-Long Thanh-Dau Giay expressway project (01/04/2009)

>   Banks’ quoted dollar prices down, black market’s prices staying high (01/04/2009)

>   Is it right time to import gold? (01/04/2009)

>   Vietnam central bank allows forex swaps, sets 8 pct rate (01/04/2009)

>   Banks trying to raise capital, investors worry (01/04/2009)