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THE
STATE BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
38/2012/TT-NHNN
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Hanoi,
December 28, 2012
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CIRCULAR
STIPULATING ON GOLD POSITION OF CREDIT INSTITUTIONS
Pursuant to the
Law on the State bank of Vietnam No. 46/2010/QH12, of June 16, 2010;
Pursuant to the
Law on credit institutions No. 47/2010/QH12, of June 16, 2010;
Pursuant to the
Government’s Decree No. 96/2008/ND-CP, of August 26, 2008, stipulating functions,
tasks, powers and original structure of the State bank of
Vietnam;
Pursuant to the
Government’s Decree No. 24/2012/ND-CP, of April 03, 2012, on management of gold
business activities;
At the proposal of
Director of the Foreign Exchange Control Department;
The Governor of
the State bank promulgates Circular stipulating on gold position of credit
institutions,
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1. This Circular
stipulates on gold position of credit institutions that are allowed to conduct
business in purchase, sale of gold bar.
2. The activities of
business in purchase and sale of gold bar specified in this Circular just
include spot transactions of gold purchase and sale.
Article 2.
Interpretation of terms
In this Circular, the
following terms are construed as follows:
1. Credit
institutions being allowed to conduct business in purchase, sale of gold bar
are credit institutions that are granted licenses of business in purchase, sale
of gold bar by the State bank of Vietnam (hereinafter referred to as the State
bank).
2. The gold position
of credit institutions means the gold bar balance arising from activities of
purchase and sale of gold bar of credit institutions that is converted into
Vietnam dong under the converting gold price of position.
3. The spot transaction
of gold purchase and sale are transaction in which two parties conduct
purchase, sale of an amount of gold bar under the gold price agreed at time of
transaction and end payment, delivery, receipt within 02 (two) next working days.
4. The converting
gold price of position is the buying price of gold bar in corresponding to each
type of gold bar that is announced at the end of report day by credit
institutions.
Article 3.
Principle of calculation of gold position
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2. The gold position
of credit institutions is calculated on the basis of revenue of spot purchase, sale of gold bar, including commitments of spot purchase and sale of gold bar outside of table.
3. The gold position
of credit institutions do not includes balance of gold bar arising from
activities of gold purchase and sale in order to perform final settlement of
balance of activities, which have been arisen before the effective day of this
Circular, including:
a) Activities of
mobilization, provisions of loans as prescribed in the Circular No.
11/2011/TT-NHNN, of April 29, 2011 of the State bank, on termination of
mobilization of deposits and provision of loans in gold by credit institutions
and the Circular No. 12/2012/TT-NHNN, of April 27, 2012 on amending and
supplementing a number of articles of the Circular
No.11/2011/TT-NHNN;
b) Change from gold
into Vietnam dong in according to the Circular No.
32/2011/TT-NHNN, of October 06, 2011 of the State bank on amending and
supplementing a number of articles of Circular No. 11/2011/TT-NHNN;
c) Provision of
mortgage in gold, keeping gold and using gold for other purpose.
Article 4. Limit
of gold position
1. The gold position
at the end of day of credit institutions is not permitted to exceed 2% in
comparison with own capital of credit institutions.
The own capital for
calculation of gold position limit of a credit institution is own capital of adjacent
month prior to the report term of credit institutions, defined as prescribed by
the State bank on rate for assurance of safety in activities of credit
institutions.
2. Credit
institutions are not permitted to maintain the negative gold position.
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Article 5. Regime
or report
Not later than at 14
hour of working day, credit institutions shall send report of gold position of
the preceding working day to the State bank of Vietnam (Department of Foreign
Exchange Control and Department of Monetary Forecast and Statistics) in
according the Annex together with this Circular.
Article 6.
Implementation provisions
1. This Circular
takes effect on January 10, 2013.
2. The department of
finance and accounting shall guide credit institutions that are allowed to
conduct business in purchase, sale of gold bar for calculation of gold position
on the basis of provisions on accounting.
3. The Department of
Informatics Technology shall, within its function and duties, guide credit
institutions to implement report of gold position in case of report by electronic
methods.
4. The agencies of
inspection, supervision of banks shall coordinate with the State bank’s
branches of provinces, cities in examination, inspection and supervision of
implementation of provisions of this Circular and handling of violation acts as
prescribed by law.
5. The Chief of
office, Director of Department of Foreign Exchange Control and heads of units
of the State bank of Vietnam; chairpersons of boards of directors or members’
councils, directors general (directors) of credit institutions shall implement
this Circular.
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FOR
THE GOVERNOR OF THE STATE BANK OF VIETNAM
DEPUTY GOVERNOR
Le Minh Hung