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SBV redresses foreign exchange trading
The fact shows that several credit institutions have recently traded foreign exchange at a rate higher than the ceiling rate set by SBV. In this context, the Governor of the State Bank of Vietnam (SBV) sent Official Letter No. 4941/NHNN-QLNH on July 1st to CEOs of the credit institutions with foreign exchange license to redress their foreign exchange trading in line with the existing regulations.
Under this Official Letter, the Governor required the credit institutions with foreign exchange license to strictly comply with Ordinance No. 38/2001/PL-UBTVQH10 of the Standing Committee of National Assembly dated August 28, 2001 on fees and charges, Decree No. 160/2006/ND-CP of the Prime Minister dated December 28, 2006 on detailed regulations of the Ordinance on Foreign Exchange, Decree No. 49/2000/ND-CP of the Prime Minister dated September 12, 2000 on the organization and operations of commercial banks, Decision No. 1452/2000/QD-NHNN of the Governor dated November 10, 2004 on foreign exchange transactions of the credit institutions with foreign exchange license and other relevant regulations on USD-VND trading. Specially, the Governor instructed that the credit institutions are not allowed to charge fees via such forms as service contracts, commission payment, fees of cash management, so on and so forth for the aim of making the actual exchange rate higher than the ceiling rate set by the SBV.
The Governor assigned CEOs of the credit institutions with foreign exchange license to monitor the implementation of the aforesaid instructions and to be responsible before law for any violations arising at their banks.
The Governor asked Directors of the Financial Supervision Agency and the SBV branches of provinces and cities directly under the central government to oversee forex trading of the credit institutions, to take proper measures against possible offences, and to report the outcomes to the Governor in a timely manner.
The Governor also called upon credit institutions and enterprises to promptly inform the SBV of any violations committed by other commercial banks or enterprises via hotline No. 04 38 266 344 and 01226376735 (SBV Office); and 04 22239 521 and 0122 626 8579 (Financial Supervision Agency).
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