Directive No. 01/1998/CT-NHNN7 requires rectification of the activities of foreign currency exchange counters to ensure compliance with exchange rate regulations and to prevent violations in foreign currency trading. This directive applies to commercial banks and foreign currency exchange agents.
适用范围
Commercial banks and foreign currency exchange agents.
要点
- Foreign currency exchange agents may be authorized only if their quarterly turnover reaches 30,000 USD (Hanoi, Ho Chi Minh City) or 15,000 USD (other provinces and cities).
- The General Director of Commercial Banks must review and terminate contracts with agents who do not meet the conditions.
- Authorized agents must sell all foreign currency exchanged to Commercial Banks and may not deposit it into accounts opened at other units in the bank.
- It is not permitted to exchange at a higher rate than the published rate, nor to resell foreign currency to customers.
- Agents must record all transactions for customer currency exchanges fully.
🌐 本文件的社会影响
- Positive impact: Minimizing chaotic foreign currency trading, strengthening management and control over foreign currency exchange activities.
- Negative impact: May cause difficulties for small agents who do not meet authorization requirements, affecting customer currency exchange services.
❓ 常见问题
What requirements do commercial banks have when authorizing foreign currency exchange?
Commercial banks will authorize only agents whose quarterly turnover reaches 30,000 USD (Hanoi, Ho Chi Minh City) or 15,000 USD (other provinces and cities).
What must authorized agents do?
Authorized agents must sell all foreign currency exchanged to Commercial Banks and record all customer currency exchange transactions fully.
How are violations of exchange rate regulations punished?
Violating agents will be subject to confiscation of contraband items and administrative penalties under the Administrative Offense Handling Ordinance. In serious cases, criminal responsibility will be pursued.
What must the General Director of Commercial Banks do?
The General Director of Commercial Banks must review and terminate contracts with agents who do not meet the conditions stipulated in Point 1 of this Directive.
Are foreign currency exchange agents allowed to resell foreign currency to customers?
No, foreign currency exchange agents are not allowed to resell foreign currency to customers. They must sell all foreign currency exchanged to Commercial Banks.
全文
DIRECTIVE
Regarding the regulation of foreign currency exchange counter operations
In recent times, implementing Decision No. 103/QD-NH7 dated April 3, 1995 of the Governor of the State Bank on the issuance of the "Regulations on the operation of foreign currency exchange counters," commercial banks have expanded their network of foreign currency exchange counters, promptly meeting customers' foreign currency exchange needs, and attracting a large amount of circulating foreign currency in the market into the banks, thereby partially satisfying the economy's foreign currency demand.
However, after some time of implementation, many exchange counters violated the Regulations on the operation of foreign currency exchange counters. Specifically:
Some foreign currency exchange counters did not conduct foreign currency exchange transactions at the rates announced by commercial banks but arbitrarily raised the exchange rates to compete with bank counters.
Some agency counters violated regulations during agency activities,擅自进行外汇交易，将兑换的外汇再次卖给客户以赚取差价。
Some agency counters bought and sold foreign currencies without following the instructions of the bank and did not record transactions in accounting books according to the current state accounting system.
The foreign currencies exchanged were not sold to commercial banks but were used for other business purposes or deposited into accounts opened at the bank.
Some exchange counters took advantage of bank agency contracts to illegally engage in foreign currency trading...
To continue effectively achieving the goal of attracting foreign currencies into banks and eventually eliminating disorderly foreign currency trading in the market, the Governor of the State Bank issues the following directive:
From now on, only agency counters with quarterly turnover equivalent to US$30,000 (for Hanoi and Ho Chi Minh City) or US$15,000 (for other provinces and cities) will be allowed by commercial banks to continue conducting foreign currency exchanges under agency agreements.
General Directors (Directors) of commercial banks shall cooperate with the Governors of State Bank branches in the respective regions to review all agency foreign currency exchange contracts signed with clients, suspend contracts with agencies that do not meet the conditions stipulated in point 1 above or violate provisions in the Regulations on the operation of foreign currency exchange counters.
Agency counters authorized to conduct foreign currency exchanges must sell all exchanged foreign currencies to commercial banks and may not deposit them into their own accounts at the bank.
Agency counters conducting foreign currency exchanges must strictly adhere to the provisions in the "Regulations on the operation of foreign currency exchange counters," and are not permitted to exchange at rates higher than those announced by commercial banks or resell foreign currencies to customers.
Authorized exchange counters must accurately record all customer foreign currency exchange transactions according to the current accounting and statistical systems guided by the commercial bank.
State Bank branches in provinces and cities shall direct commercial banks and coordinate with relevant authorities in organizing and inspecting the operations of foreign currency exchange counters. Violations will be handled by confiscating contraband items and imposing administrative penalties according to the Administrative Offense Law. Serious violations will be prosecuted criminally.
This Directive takes effect fifteen days after its issuance.
Upon receipt of this Directive, the General Directors (Directors) of commercial banks are required to disseminate and guide subordinate foreign currency exchange counters and agency counters of their banks to implement it. The Directors of State Bank branches in provinces and cities must monitor and inspect the implementation of this Directive, promptly rectify any non-compliance, and report regularly to the State Bank as stipulated in Article 8 of the Regulations on the operation of foreign currency exchange counters./.
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