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STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
893/2001/QD-NHNN
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Hanoi,
July 17th , 2001
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DECISION
ON
THE PERFORMANCE OF THE FOREIGN CURRENCY SWAP OPERATION BETWEEN THE STATE BANK AND
BANKS TO MEET REQUIREMENTS FOR THE SHORT-TERM VND FUNDS OF BANKS
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 on the
assignment, authority and responsibility for the State management of the
ministries and ministry-level agencies;
Upon the proposal of the Director of the Monetary Policy Department,
DECIDES
Article 1.
This Decision shall provide for
the performance of foreign currency swap operations (SWAP) between the State
Bank and banks to meet requirements for short-term VND funds of banks in the
case of their temporary liquidity shortage to regulate the money market in line
with objectives of the monetary policy from time to time.
Article 2.
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Article 3.
The State Bank shall use the
money supply for the refinancing purpose in each period of time to perform the
foreign currency swap operation with banks.
Article 4.
Subjects participating in the
foreign currency swap operation with the State Bank in accordance with
provisions of this Decision shall be banks which are authorized by the State
Bank to engage in foreign exchange activities.
Article 5.
The foreign currency swap
operation with the State Bank shall be performed with terms of 7 days, 15 days,
30 days, 60 days and 90 days.
Article 6.
1. The exchange rate applicable
by the State Bank to the purchase of US$ shall be the spot exchange rate of the
State Bank at the date where the foreign currency swap agreement is entered
into (or at the date where the foreign currency swap transaction is confirmed
through the REUTERS network).
2. The exchange rate applicable
by the State Bank to the resale of US$ to banks that perform the foreign
currency swap operation shall be determined on the basis of the spot exchange
rate applicable by the State Bank at the signing date of the foreign currency
swap contract (or at the date where the foreign currency swap transaction is
confirmed through the REUTERS network) and objectives of the monetary policy
from time to time. The exchange rate applicable by the State Bank to the resale
of US$ to banks that perform the foreign currency swap operation shall be
announced by the State Bank from time to time.
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The State Bank shall perform the
foreign currency swap operation with banks at the Banking Operation Department.
Article 8. Sequences of
the performance of foreign currency swap operation
1. Upon requirement for the
performance of foreign currency swap operation, banks shall submit a written
request to the State Bank (the Economic Research Department), which state
clearly data (statistics) evidencing the shortage of VND liquidity for State
Bank's consideration and decision.
2. Upon the approval of the
State Bank, banks that have requirement for the performance of foreign currency
swap operation shall perform the foreign currency swap with the State Bank (the
Banking Operation Department) under the pro-forma contract attached or through
the transaction system on the REUTERS network.
3. The transfer of US$ for sale
to the State Bank shall be carried out and completed within 02 working days
following the date where the foreign currency swap contract is entered into (or
following the date where an foreign currency swap transaction is confirmed
through the REUTERS network) at the latest. Upon receipt of the credit advice
of the foreign currency, the State Bank shall immediately transfer the required
VND amount to the Bank that has performed the foreign currency swap.
4. The transfer of VND for the
repurchase of US$ from the State Bank shall be carried out and completed within
02 working days following the date where the foreign currency swap contract
terminates (or following the date where the term of the foreign currency swap
transaction which was confirmed through the REUTERS network expires). Upon the
receipt of the credit advice of the VND, the State Bank shall transfer the US$
amount to the Bank that has performed the foreign currency swap.
Article 9.
Any funds transfer, which is
made later than the time limit provided for in paragraph 3, paragraph 4,
Article 8 of this Decision shall be treated as follows:
1. In case of US$ transfer: a
penalty equal to 150% of interest rate applicable to a corresponding term in
Singapore Inter-bank money market (SIBOR) shall be applied to the amount and
for the number of days of late payment;
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Article 10.
Responsibility of Departments in the State Bank:
1. Periodically or where
necessary, the Monetary Policy Department shall take the lead to cooperate with
the Foreign Exchange Control Department and the Credit Department to exchange information
on the market demand/supply of foreign currency, exchange rate movements,
developments of bank's liquidity, performance of the State Bank's refinancing
to banks as to formulate the orientation of the foreign currency swap operation
in the relation with other liquidity regulating instruments of the State Bank
such as refinancing facility, rediscount, open market operation to submit to
the Governor for decision.
2. The Monetary Policy
Department shall be responsible to:
2.1 Submit to the Governor for
approval of the money supply for the refinancing purposes from time to time
which is used for the performance of foreign currency swap operation with banks
and give notice thereof to related Departments for their performance of the
foreign currency swap operations.
2.2 Submit report to the
Governor for decision of the foreign currency swap with each bank within two
working days of receipt of the request for the foreign currency swap operation
from banks and give notice thereof to the Banking Operation Department for its
performance in the case of its acceptance of the foreign currency swap.
3. The Foreign Exchange Control
Department shall be responsible for the daily provision of information on
buying, selling exchanges rates, transaction exchange rate in the inter-bank
foreign currency market to the Monetary Policy Department and the Banking
Operation Department.
4. The Banking Operation
Department of the State Bank shall be responsible for:
4.1 Provide in detail the time
for the transfer.
4.2 Perform foreign currency
swap contracts or foreign currency swap transactions with banks through the
REUTERS networks upon receipt of notice from the Monetary Policy Department.
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4.4 Consolidate and report
weekly to the Governor of the State Bank on the performance of the foreign
currency swap operations in the previous week with copies sent to the Monetary
Policy Department, the Foreign Exchange Control Department, the Credit Department.
5. The Finance and Accounting
Department shall be responsible for the guidance on the accounting for the
foreign currency swap operations as provided for in this Decision.
Article 11.
This Decision shall be effective
from the date of signing. Any supplement, amendment of provisions of this
Decision shall be decided upon by the Governor of the State Bank of Vietnam.
Article 12. The Director of the
Administration Department, the Director of the Monetary Policy Department, the
Director of the Foreign Exchange Control Department, the Director of the Credit
Department, the Director of the Banking Operation Department, the Director of
the Finance and Accounting Department, Directors of related units in the State
Bank, Directors General (Directors) of banks engaging in foreign currency swap
operations with the State Bank shall be responsible for the implementation of
this Decision.
FOR
THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR
Duong Thu Huong
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
:.............../HDKT-NHNN
FOREIGN
CURRENCY SWAP CONTRACT
Pursuant to the Ordinance on
Economic Contract dated 29 September, 1989 of the State Council of Vietnam;
Pursuant to the Decree No. 63/1998/ND-CP dated 17 August, 1998 of the Prime
Minister on foreign exchange control;
Pursuant to the Decision No. 893/2001/QD-NHNN dated 17 July, 2001 of the
Governor of the State Bank on the performance of the foreign currency swap
operation between the State Bank and banks to meet the requirement for
short-term funds of banks.
This day
of....................we:
THE STATE BANK OF VIETNAM
(HEREINAFTER REFERRED TO AS PARTY A)
Address:
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Fax:
Representative person: Mr.
(Mrs.).....
Position:
THE BANK........ (HEREINAFTER
REFERRED TO AS PARTY B)
Address:
Telephone:
Fax:
Representative person: Mr.
(Mrs.)....
Position:
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Article 1.
Party B shall sell US$ on the
spot basis to party A at the exchange rate of .......
Party B transfers US$ to party
A
Party A transfers VND to party
B
Amount:
In words:
Account No.:
At bank:
Value date:
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In words:
Account No.:
At bank:
Value date:
Article 2.
Party A shall sell US$ on
the.....forward basis to party B at the exchange rate of.....
Party A transfers US$ to party
B
Party B transfers VND to party
A
Amount:
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Account No.:
At bank:
Value date:
Amount:
In words:
Account No.:
At bank:
Value date:
Article 3.
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Article 4.
The two parties commit to
observe seriously agreements made in this Contract. The parties shall timely
inform each other in writing of any obstacle that may arise for their joint
solution.
This Contract is made in 04
copies with the same value, each party keeps 02 copies
FOR
PARTY A
FOR
PARTY B