Circular No. 01/2010/TT-NHNN revokes Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 amending and supplementing Decision No. 03/2006/QĐ-NHNN.

CIRCULAR

Repeals Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007

amending and supplementing Decision No. 03/2006/QĐ-NHNN

On the basis of the Law on the State Bank of Vietnam 1997; the Law Amending and Supplementing Certain Provisions of the Law on the State Bank 2003;

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On the basis of the Law on Credit Organizations 1997; the Law Amending and Supplementing Certain Provisions of the Law on Credit Organizations 2004;

Implementing the Prime Minister's conclusion at Official Letter No. 369/TB-VPCP dated December 30, 2009 of the Government Office;

Pursuant to Decree No. 160/2006/NĐ-CP dated December 28, 2006, of the Government detailing the implementation of the Foreign Exchange Decree;

Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

The State Bank of Vietnam hereby promulgates as follows:

Repeals Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 of the Governor of the State Bank of Vietnam amending and supplementing Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts.

Article 1. 1. Credit institutions and enterprises currently engaged in gold trading on foreign accounts must cease all activities related to gold trading on foreign accounts from the date this Circular takes effect, except for transactions to settle accounts and close gold trading accounts on foreign accounts as stipulated in Clause 2 of this Article.

Article 2

2. Credit institutions and enterprises currently engaged in gold trading on foreign accounts shall be responsible for settling accounts and closing their foreign gold trading accounts before March 30, 2010.

Article 3

2. The Director of the Office, Heads of the Department of Foreign Exchange Management, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally governed cities, and credit institutions and enterprises engaged in gold trading on foreign accounts are responsible for implementing this Circular./.

Nguyen Van Giau