Decision 1747/QD-NHNN 2022 spot rates between Vietnamese dong and foreign currencies

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Decision No. 1747/QD-NHNN dated October 17, 2022 of the State Bank of Vietnam on the spot rates between Vietnamese dong and foreign currencies of licensed credit institutions
Issuing body: State Bank of VietnamEffective date:
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Official number:1747/QD-NHNNSigner:Pham Thanh Ha
Type:DecisionExpiry date:Updating
Issuing date:17/10/2022Effect status:
Known

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Fields:Finance - Banking

SUMMARY

The spot rate between VND and US dollar must not exceed the margin of ± 5%

On October 17, 2022, the State Bank of Vietnam issues the Decision No. 1747/QD-NHNN on the spot rates between Vietnamese dong and foreign currencies of licensed credit institutions.

Accordingly, banks, non-bank credit institutions, and foreign bank branches licensed to conduct foreign exchange trading and provide foreign exchange services shall regulate the spot rates for purchase and sale of Vietnamese dong with foreign currencies on the following principles:

Firstly, for US dollar: The margin of ± 5% (five percent) of the central exchange rate announced by the State Bank of Vietnam for that transaction day must not be exceeded.

Secondly, for other foreign currencies: The spot rates shall be determined by licensed credit institutions.

Thirdly, differences between the purchase rate and selling rate shall be determined by the licensed credit institutions.

This Decision takes effect from the signing date.

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Effect status: Known

THE STATE BANK OF VIETNAM

_______

No. 1747/QD-NHNN

 

THE SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

________________________

Hanoi, October 17, 2022

DECISION

On the spot rates between Vietnamese dong and foreign currencies of licensed credit institutions

________

THE GOVERNOR OF THE STATE BANK OF VIETNAM

 

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017;

Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005 and the Ordinance No. 06/2013/UBTVQH13 dated March 18, 2013, Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department;

 

DECIDES:

 

Article 1. Banks, non-bank credit institutions, and foreign bank branches licensed to conduct foreign exchange trading and provide foreign exchange services (hereinafter referred to as licensed credit institutions) shall regulate the spot rates for purchase and sale of Vietnamese dong with foreign currencies on the following principles:

1. For US dollar: The margin of ± 5% (five percent) of the central exchange rate announced by the State Bank of Vietnam for that transaction day must not be exceeded.

2. For other foreign currencies: The spot rates shall be determined by licensed credit institutions.

3. Differences between the purchase rate and selling rate shall be determined by the licensed credit institutions.

Article 2. This Decision takes effect from October 17, 2022, and replaces Decision No. 1636/QD-NHNN dated August 18, 2015, on the spot rate between Vietnamese dong and foreign currencies of licensed credit institutions.

Article 3. Chief of Office, Director of the Monetary Policy Department, heads of units affiliated to the State Bank of Vietnam, Chairpersons of Boards of Directors, Chairperson of the Member's Council and General Directors (Directors) of licensed credit institutions shall be responsible for the implementation of this Decision./.

 

 

FOR THE GOVERNOR

THE DEPUTY GOVERNOR

 

 

 

Pham Thanh Ha

 

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