Decision No. 230/QD-NHNN dated February 11, 2011 of the State Bank of Vietnam on the issuance of some provisions relating to foreign currency transaction of credit institutions authorised to engage in foreign exchange activity

VND/USD EXCHANGE RATE SHALL NOT EXCEED +1% TO INTER-BANK FOREIGN CURRENCY

The Governor of the State Bank of Vietnam signed the Decision No. 230/QD-NHNN on February 11, 2010 on the issuance of some provisions relating to foreign currency transaction of credit institutions authorized to engage in foreign exchange activity.

Accordingly, the Governor allows General Directors (Directors) of credit institutions authorized to engage in foreign exchange activity shall be permitted to determine the buying and selling rate for spot transaction between Vietnamese Dong and foreign currencies under the principles.

For USD: the maximum exchange rate shall not exceed +1% (one per cent) of the average exchange rate in the inter-bank foreign currency market applicable to the previous latest transaction date, which is announced by the State Bank (the previous exchange rate is +3%) . General Directors (Directors) of credit institutions authorized to engage in other foreign exchanges; defining the difference between the buying rate and selling rate.