Circular 54/2024/TT-NHNN amend 26/2021/TT-NHNN guiding foreign currency transactions

CIRCULAR

Amending and supplementing a number of articles of the Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam on guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to engage in foreign exchange transactions

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Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005; the Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange dated March 18, 2013;

Pursuant to the Government’s Decree No. 70/2014/ND-CP dated July 17, 2014, detailing a number of articles of the Ordinance on Foreign Exchange and the Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 102/2022/ND-CP dated December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Department for Management of State Foreign Exchange Reserves;

The Governor of the State Bank of Vietnam promulgates the Circular amending and supplementing a number of articles of the Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam on guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to engage in foreign exchange transactions.

Article 1. Amending and supplementing a number of articles of the Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam on guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to engage in foreign exchange transactions

1. To amend and supplement Clause 2 Article 14 as follows:

“2. The State Bank shall suspend foreign currency transactions with licensed credit institutions in cases where the credit institutions are:

a) Temporarily suspended from foreign currency transactions according to the Decision on Application of Special Control;

b) Suspended from foreign exchange operations.”

2. To amend and supplement Point b Clause 1 Article 15 as follows:

“b) In case of using the transaction system of Refinitiv, to make a report in accordance with the instructions provided by the State Bank on the process of reporting foreign currency transactions through the transaction system of Refinitiv.

From the time of completing a foreign currency transaction through transaction system of Refinitiv, the licensed credit institutions must report on the transaction made on the transaction system of Refinitiv within 15 minutes. In case of not using the transaction system of Refinitiv, the licensed credit institutions shall report the transaction on transaction system of Refinitiv within 45 minutes.”

Article 2. Responsibility of implementation organization

The Chief of Office, the Director of the Department for Management of State Foreign Exchange Reserves, Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches licensed to engage in foreign exchange transactions shall be responsible for organizing the implementation of this Circular.

Article 3. Implementation provisions

This Circular takes effect on February 05, 2025./.