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

DECISION

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

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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./.