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STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence- Freedom- Happiness
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No.
1081/2002/QD-NHNN
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Hanoi,
October 07th , 2002
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DECISION
ON
FOREIGN CURRENCY POSITION OF CREDIT INSTITUTIONS PERMITTED TO ENGAGE IN FOREIGN
EXCHANGE BUSINESS
THE GOVERNOR OF THE STATE
BANK
Pursuant to the Law on the
State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government
providing for the assignment, authority, responsibility for the State
management of Ministries and ministerial-level agencies;
Pursuant to the Decree No. 63/1998/ND-CP dated 17 August, 1998 of the
Government on foreign exchange control;
Upon the proposal of the Director of the Foreign Exchange Control
Department.
DECIDES
Article 1: Scope of
adjustment and subjects of application
This Decision shall provide for
foreign currency position of credit institutions permitted to engage in foreign
exchange business in Vietnam (hereinafter referred to as credit institution),
except for joint-venture banks and foreign bank branches, in order to restrain
risks in foreign exchange business of credit institutions.
Article 2: Interpretation
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1. Foreign currency is the
currency of another country or common currency.
2. Original currency position of
a foreign currency is the difference between the total assets and total
liabilities denominated in this currency, including the respective off-balance
sheet items.
A foreign currency is considered
in a long position if the total assets is larger than the total liabilities
(the English term is long position).
A foreign currency is considered
as in a short position if the total assets is less than the total liabilities
(the English term is short position).
A foreign currency is considered
as in a square position if the total assets is equal to the total liabilities
(the English term is square position).
3. The exchange rate used to
calculate the position of a foreign currency shall be the spot rate applicable
to transfer between that foreign currency with VND of credit institutions at
the end of the working day.
4. The total long position of
foreign currencies is the sum of long position of foreign currencies which are
in a long position (after being converted into VND by the position exchange
rate).
5. The total short position of
foreign currency is the sum of short position of foreign currencies which are
in a short position (after being converted into VND by the position exchange
rate).
6. The own capital of a credit
institution shall be applied in accordance with current provisions of the
Governor of the State Bank of Vietnam on the prudential ratios in credit
institutions activities.
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1. The foreign currency position
at the end of the day shall be determined at the end of a working day.
2. The foreign currency position
at the end of the month shall be determined at the end of the last working day
of that month.
Article 4. Principles to
calculate the position of foreign currency
1. The foreign currency position
at the end of the day shall be calculated on the basis of foreign currency
position of the previous day and the difference between purchase turnover and
sale turnover arising during the day of that foreign currency, including both
spot and forward transactions.
2. The foreign currency position
at the end of a month shall be calculated on the basis of the balance at the
end of the last working day of the month of account: foreign currency dealing,
account: foreign currency sale from other sources, account: commitment for spot
purchase, account: commitment for spot sale, account: commitment for forward
purchase, account: commitment for spot sale.
3. Foreign currency position at
the end of the month shall be the basis for the reconciliation to ensure the
accuracy of foreign currency position at the end of the day.
Article 5. Principles to
calculate the total foreign currency position
1. To convert the position of
each original foreign currency into VND at the position exchange rate.
2. To add all the foreign
currency long positions to arrive at the total foreign currency long position.
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Article 6. Limits of the
total foreign currency long position and total foreign currency short position
of credit institutions.
1. The total foreign currency
long position at the end of a working day shall not exceed 30% of the own
capital of a credit institution at that time.
2. The total foreign currency
short position at the end of a working day shall not exceed 30% of the own
capital of a credit institution at that time.
3. In special case, the Governor
of the State Bank shall consider and permit credit institutions to maintain
foreign currency position, which exceed the limits as provided for in paragraph
1 and paragraph 2 of this Article.
Article 7. Reporting
regime
The report on foreign currency
position of credit institutions shall be submitted to the State Bank (the
Foreign Exchange Control Department) as follows:
1. Before 13 pm of the working
day in respect of the report on foreign currency position at the end of
previous day (Form No. 01).
2. Before the 10th of the
current month in respect of the report on foreign currency position at the end
of previous month (Form No. 02).
Article 8: Dealing with
violations
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- Violating the limits of the
total foreign currency long position and the total foreign currency short
position.
- Violating the reporting
regime: failure to report daily foreign currency position, failure to report by
the stipulated time, report wrong data.
2. Acts violating provisions in
paragraph 1 of this Article shall, depending on the nature, seriousness, be
treated in accordance with provisions on the punishment of administrative
violations in the monetary area and banking activities and other related legal
provisions.
Article 9. This Decision
shall be effective after 15 days from the date of signing and replace the
Decision No. 18/1998/QD-NHNN7 dated 10 January, 1998 of the Governor of the
State Bank of Vietnam issuing the Regulation on foreign currency position for
credit institutions permitted to engage in foreign exchange business.
Article 10. The Director
of Administrative, the Director of Foreign Exchange Control Department, the
Chief Inspector of the State Bank of Vietnam, Heads of related units of the
State Bank of Vietnam, General Managers of State Bank branches in cities and
provinces under the central Governments management, General Directors
(Directors) of credit institutions permitted to engage in foreign exchange business
shall be responsible for the implementation of this Decision.
FOR
THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR
Phung Khac Ke