THE
GOVERNMENT
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|
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.: 50/2014/ND-CP
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Hanoi, May 20,
2014
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DECREE
MANAGEMENT
OF STATE FOREIGN EXCHANGE RESERVES
Pursuant to the Law on organization of
Government dated December 25, 2001;
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Ordinance on Foreign Exchange
dated December 13, 2005 and the Ordinance amending and supplementing a
number of articles of the Ordinance on Foreign Exchange dated March 18, 2013;
At the request of the Governor of the State Bank
of Vietnam,
The Government issues the Decree on management
of State foreign exchange reserves;
Chapter 1.
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Article 1. Scope
This Decree regulates the State foreign exchange
reserves, management of State foreign exchange reserve, accounting record,
report and publication of information about State foreign exchange reserves;
Article 2. State foreign
exchange reserve management agency
The State Bank of Vietnam (hereinafter referred to
as the State Bank) is the organ managing the State foreign exchange reserves in
accordance with the provisions of this Decree and the provisions of relevant
laws.
Article 3. Explanation of terms
In this Decree, the terms below are construed as
follows:
1. State foreign exchange reserves are the assets
in foreign exchange shown in the monetary balance sheet of the State Bank
including:
a) Official State foreign reserves (hereinafter
referred to as the official foreign exchange reserves) is the part of the
assets in foreign exchange owned by the State and assigned to the State Bank by
the Government for direct management;
b) Deposit in foreign currencies and gold of credit
institutions, branches of foreign banks (hereafter referred to as credit
institution) and the State Treasury deposited at the State Bank;
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2. Official foreign exchange reserves include the
foreign exchange reserve Fund and the exchange rate stabilization and gold
market management Fund.
3. Preservation of State foreign exchange reserves
is to ensure the safety of State foreign exchange reserves through the
compliance with the structure, criteria and investment quota of State foreign
exchange reserves approved;
4. Liquidity of foreign exchange reserves is the
capacity for availability of foreign currency and gold to meet the objectives
of managing the national monetary policies, the exchange rate and gold, foreign
exchange market intervention to ensure the international liquidity and meet the
unexpected and urgent demand for foreign exchange of the State;
5. Profitability is positive difference between the
total incomes minus the investment expenses of official foreign exchange
reserves in the fiscal year.
6. Investment in the State foreign exchange
reserves is that the State Bank sends, buys and sells foreign currencies and
gold; buys and sells securities and other valuable papers in foreign
currencies; trusts investment and carries out other forms of investment on
international market stipulated by the Governor of State Bank in each period;
7. Structure of investment in official foreign
exchange reserves including the ratio of foreign currencies and volume of gold;
ratio of short-term, medium-term and long-term investment; ratio of deposits in
foreign currencies, securities, valuable papers and other forms of investment
in official foreign exchange reserves and the maximum foreign currency level to
buy gold on international market of the exchange rate stabilization and gold
market management Fund stipulated by the Governor of State Bank in each period;
8. Investment criteria of state foreign exchange
reserves including: credit rating level of partners allowed for investment in
the State foreign exchange reserves, types of securities, valuable paper
allowed for investment in the State foreign exchange reserves stipulated by the
Governor of State Bank in each period;
9. Investment quota of State foreign exchange
reserves is a maximum level of foreign exchange allowed to make partnership
investment and the form of investment is stipulated by the Governor of the
State Bank in each period.
10. Domestic market intervention is that the State
Bank buys, sells or swaps foreign currencies and gold and carries out other
forms of intervention in domestic market.
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1. Foreign currencies, cash and deposits in foreign
currencies abroad;
2. Securities and other valuable papers in foreign
currencies issued by the Government, foreign or international institutes;
3. Special capital or reserve withdrawal rights at
the International Monetary Fund.
4. Gold managed by the State Bank
5. Other types of State foreign exchange;
Article 5. Sources of State
foreign exchange reserves
1. Foreign exchange purchased from the State budget
and foreign exchange market;
2. Foreign exchange from loans of banks and
international financial institutions.
3. Foreign exchange from deposits in foreign
currencies of the State Treasury and credits institutions;
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5. Foreign exchange from other sources;
Article 6. Structure, criteria
and investment quota of State foreign exchange reserves
1. The State Bank regulates the structure, criteria
and investment quota of State foreign exchange reserves, including:
a) Regulations on criteria and quota of investment
applicable to the State foreign exchange reserves;
b) Regulations on investment structure applicable
to the official foreign exchange reserves, including the investment of the
foreign exchange reserve Fund and the investment structure of the exchange rate
stabilization and gold market management Fund.
2. Grounds for development of investment structure
of foreign exchange reserve Fund:
a) Trend towards fluctuation of exchange rate,
interest and gold price on international market;
b) Situation of investment in types of foreign
currency and gold in international reserves of the countries in the world
according to the International Monetary Fund.
3. Grounds for development of structure of
investment of the exchange rate stabilization and gold market management Fund.
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b) Situation of fluctuation of exchange rate and
gold price on domestic and international foreign exchange market;
c) Situation of use of foreign currencies in
payment of imports of goods and services and repayment of foreign debts of
Vietnam;
d) Quota of foreign exchange of the exchange rate
stabilization and gold market management Fund approved by the Prime Minister in
each period;
4. Grounds for development of criteria and quota of
investment:
a) Scale of State foreign exchange reserves;
b) Forecast of situation of international financial
markets and domestic foreign exchange market;
c) Rating system of prestigious credit rating
organizations in the world.
5. Every 6 months, and when necessary, the Governor
of the State Bank shall decide to approve the structure, criteria and
investment quota of State foreign exchange reserves and make a report to the
Prime Minister and the Ministry of Finance for coordination;
Article 7. Foreign currencies
allowed for investment in foreign exchange reserves
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Article 8. Inspection of
management of State foreign exchange reserves
Annually, the Ministry of Finance shall inspect the
management of State foreign exchange reserves of the State Bank under the
provisions in this Decree;
Chapter 2.
OFFICIAL MANAGEMENT OF
FOREIGN EXCHANGE RESERVES
Section 1: GENERAL PROVISION
Article 9. Principles of
official management of foreign exchange reserves
Official management of foreign exchange reserves
must ensure the following principles:
1. Preservation
2. Liquidity
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Article 10. Operations of
official management of foreign exchange reserves
The State Bank carries out the official management
of foreign exchange reserves through the following operations:
1. Investment on international market;
2. Intervention in domestic market;
3. Implementation of operations of foreign exchange
derivatives;
4. Implementation of bilateral or multi-lateral
currency swap agreements with the Central Banks and international financial
institutions;
5. Other operations of official management of
foreign exchange reserves shall be decided by the Governor of the State Bank in
each period;
Article 11. Purchase and sale
of foreign currencies between official foreign exchange reserves and the State
budget
1. The Ministry of Finance is responsible for
deposit all of the foreign currencies of the State Treasury at the State Bank;
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3. Annually, no later than March 31, the Ministry
of Finance shall give a written notice to the State Bank of the detailed plan
for quarterly sale of foreign currencies for supplementation of official
foreign exchange reserves;
4. Where the State Bank may not balance its foreign
currencies for repayment of foreign debts of the Government and other demands
for expenditure of foreign currencies of the State budget, the Ministry of
Finance shall coordinate with the State Bank to prepare plans for balancing the
sale of foreign currencies to the State budget;
Article 12. Import, export and
gold conversion
1. Based on the structure, criteria and investment
quota of State foreign exchange reserves and the need for intervention in the
domestic gold market in each period, the Governor of State Bank shall make a
decision on import and export of gold with international standard, other gold
of State foreign exchange reserves from gold with international standard to
other gold and vice versa;
2. Criteria for selecting partners for export,
import and conversion of gold shall be decided by the Governor of the State
Bank in each period.
Section 2: MANAGEMENT OF FOREIGN
EXCHANGE RESERVES
Article 13. Scope of using
foreign exchange reserve Fund
The using foreign exchange reserve Fund is used
for:
1. Investment on international market
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3. Implementation of bilateral or multi-lateral
currency swap agreements with the Central Banks and international financial
institutions;
4. Transfer and swap of foreign exchange with the
exchange rate stabilization and gold market management Fund;
5. Use of foreign exchange to meet the unexpected
and urgent demand for foreign exchange of the State;
Article 14. Swap of foreign
exchange of foreign exchange reserve Fund with the exchange rate stabilization
and gold market management Fund
The Governor of State Bank shall make a decision on
the swap of foreign exchange between the foreign exchange reserve Fund and the
exchange rate stabilization and gold market management Fund in order to ensure
the compliance with structure of investment approved of the foreign exchange
reserve Fund and the exchange rate stabilization and gold market management
Fund without changing the balance of these two Funds from the conversion to US
dollar at the time of swap;
Article 15. Use of foreign
exchange reserve Fund for unexpected and urgent demand for foreign exchange of
the State
1. The Ministry of Finance shall coordinate with
the State Bank to request the Prime Minister to make a decision on the use of
foreign exchange from the foreign exchange Fund for the unexpected and urgent
demand for foreign exchange of the State. In case of using foreign exchange for
advance and loan, the Ministry of Finance is responsible for the recovery and
reimbursement under the Prime Minister’s decision and regulations of law;
In case of using foreign exchange from the foreign
exchange reserve Fund leading to the change of estimate of State budget, the
provisions of the Law on State Budget shall be applied;
2. Based on Decision of the Prime Minister and
request of the Ministry of Finance, the Governor of the State Bank issues the
decision on using foreign exchange from the foreign exchange reserve Fund;
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Article 16. Scope of using the
exchange rate stabilization and gold market management Fund
The exchange rate stabilization and gold market
management Fund is used for:
1. Intervention in domestic market of foreign
currencies and gold;
2. Investment on international market, except for activities
of investment trust;
3. Implementation of operations of foreign exchange
derivatives;
4. Transfer and swap of foreign exchange with the
foreign exchange reserve Fund
5. Sale or advance of foreign currencies for
foreign exchange demands arising from the operations and management of the
State Bank;
6. Sale of foreign currencies to the State budget
under the plan for balance of foreign currencies approved;
Article 17. Foreign exchange
quota of the exchange rate stabilization and gold market management Fund and
the transfer between the exchange rate stabilization and gold market management
Fund and the foreign exchange reserve Fund
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2. Based on the foreign exchange quota of the
exchange rate stabilization and gold market management Fund approved by the
Prime Minister and the situation of foreign currencies and gold in the country,
the Governor of State Bank shall decide the maximum level of foreign currencies
to purchase gold in the international market of the exchange rate stabilization
and gold market management Fund in each period;
3. The Governor of State Bank shall decide the
transfer of foreign exchange from the exchange rate stabilization and gold
market management Fund to the foreign exchange reserve Fund when the balance of
the exchange rate stabilization and gold market management Fund exceeds the
quota approved by the Prime Minister;
4. Where the balance of foreign exchange of the
exchange rate stabilization and gold market management Fund does not meet
requirements of domestic market interventions, the Governor of the State Bank
shall request the Prime Minister to allow the transfer of foreign exchange from
the foreign exchange reserve Fund to does not meet requirements of domestic
market interventions, the Governor of the State Bank the Prime Minister to
allow transfer of foreign exchange from foreign exchange reserve Fund to the
exchange rate stabilization and gold market management Fund.
Article 18. Intervention in
domestic market
1. Based on the objectives and national monetary
policies and the fluctuation of exchange rate and gold price on domestic
market, the State Bank shall develop the mechanism to intervene in the domestic
market in each period.
2. The Governor of State Bank shall decide the plan
for intervention, including:
a) Time of intervention;
b) Type and amount of foreign currency and volume
of gold for intervention;
c) Exchange rate and gold price for intervention;
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dd) Partner implementing the interventions;
e) Conversion from gold with international standard
to other gold and vice versa when necessary;
g) Other relevant contents;
3. The Governor of State Bank shall request the
Prime Minister to approve the other forms of intervention in addition to the
ones specified at Point d, Clause 2 of this Article;
Article 19. Sale and purchase
of gold on international market for intervention in domestic market
1. Based on the structure, criteria and quota of
investment of the exchange rate stabilization and gold market management Fund
and gold demand for intervention in each period, volume of gold used for
intervention and requirements for national security, the Governor of State Bank
shall decide the sale and purchase of gold in international market for the
intervention on domestic gold market;
2. Criteria for selecting partners to buy and sell
gold on international market for intervention in domestic market shall be
decided by the Governor of State Bank in each period;
Chapter 3.
MANAGEMENT OF DEPOSITS
IN FOREIGN CURRENCIES AND GOLD OF THE STATE TREASURY, CREDIT INSTITUTIONS AND
OTHER SOURCES OF FOREIGN EXCHANGE
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The State Bank manages the deposits in foreign
currencies and gold of the state treasury, credit institutions and other
sources of foreign exchange must ensure the following principles:
1. Ensuring the safety through the compliance of
criteria and investment quota of State foreign exchange reserves;
2. Promptly meeting the demand for foreign exchange
of the State Treasury and credit institutions when necessary;
3. Liquidity.
Article 21. Operation of
management of deposits in foreign currencies and gold of the state treasury,
credit institutions and other sources of foreign exchange
The State Bank shall manage the deposits in foreign
currencies and gold of the state treasury, credit institutions and other
sources of foreign exchange through the following operations:
1. Investment on international market.
2. Cash in the fund or treasury.
3. Other management operations shall be decided by
the Governor of State Bank in each period.
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ACCOUNTING RECORD,
REPORT AND PUBLICATION OF INFORMATION
Article 22. Accounting record
1. The State foreign exchanfe reserves shall be
recorded in the original currency and Vietnam dong as provided for by law.
The State Bank shall re-evaluate the State foreign
exchanfe reserves on the balance sheet of the State Bank to monitor the
increase or decrease in the value of the State foreign exchange reserves in
Vietnam dong to reflect the fluctuation of exchange rate and the gold price on
domestic and international market.
2. Income and expenses incurred during the
management of State foreign exchange reserves are recorded in the income and
expenses of banking operations of the State Bank as provided for by law. The
income and expenses incurred upon sale and purchase of gold on international
market for intervention in domestic market, export, import and swap of gold and
other activities of intervention in domestic foreign exchange market are the
income and expenses in service of objectives to manage the monetary policies
and exchange rate and gold policies;
Article 23. Regulation on
report
1. Every 06 months, the State Bank shall report to
the Prime Minister on developments, scale and situation of using the State
foreign exchange reserves while submitting it to the Ministry of Finance;
2. Every year and when necessary, the State Bank
shall report to the Prime Minister on the management of State foreign exchange
reserves and forecast of State foreign exchange reserves and quota of the
exchange rate stabilization and gold market management Fund for the subsequent
year while submitting it to the Ministry of Finance;
Article 24. Publication of
information on State foreign exchange reserves
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2. The State foreign exchange reserves are
converted into US dollar for statistics, management information and data
publication. The State Bank shall determine the exchange rate and gold price to
convert all foreign currencies of State foreign exchange reserves into US dollars;
Chapter 5.
IMPLEMENTATION PROVISION
Article 25. Effect
1. This Decree takes effect on July 15, 2014;
2. This Decree supersedes Decree No. 86/1999/ND-CP
dated August 30, 1999 of the Government on management of State foreign exchange
reserves;
Article 26. Responsibility for
implementation
1. The State Bank is responsible for guiding and
organizing the implementation of this Decree;
2. Ministers, heads of ministerial-level agencies,
heads of government-attached agencies, Chairman of People's Committees of
provinces and centrally-affiliated cities and the organizations and individuals
concerned are liable to execute this Decree. /.
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FOR THE
GOVERNMENT
PRIME MINISTER
Nguyen Tan Dung