Decision No. 1198/2001/QD-NHNN amends certain provisions regarding the terms and exchange rates for forward and swap foreign exchange transactions for credit institutions. The minimum term is 7 days, and the maximum term is 180 days. The applicable exchange rate for each term increases from 0.40% to 2.35% compared to the spot exchange rate.
适用范围
Licensed credit institutions engaging in foreign exchange business
要点
- Credit institutions are permitted to engage in forward and swap transactions within the term range of 7 to 180 days.
- When conducting transactions between Vietnamese Dong and US Dollar, the applicable exchange rate for each term shall not exceed the ceiling of the spot exchange rate plus an increase of: 0.40% (from 7 to 30 days), 1.50% (from 31 to 120 days), and 2.35% (from 121 to 180 days).
- This Decision takes effect from the date of issuance.
- All previous provisions contrary to this Decision are hereby abolished.
- Forward and swap contracts concluded before the effective date of this Decision are not subject to the provisions of this Decision.
🌐 本文件的社会影响
- Strengthen management and supervision of foreign exchange business activities of credit institutions.
- Ensure the stability of the exchange rates for forward and swap foreign exchange transactions.
❓ 常见问题
What are the minimum and maximum terms for forward transactions?
The minimum term is 7 days, and the maximum term is 180 days from the date of signing the transaction contract.
How is the exchange rate applied for each specific term?
When conducting transactions between Vietnamese Dong and US Dollar, the applicable exchange rate for each term shall not exceed the ceiling of the spot exchange rate plus an increase of: 0.40% (from 7 to 30 days), 1.50% (from 31 to 120 days), and 2.35% (from 121 to 180 days).
When does this Decision take effect?
This Decision takes effect from the date of issuance.
What will happen to previous provisions contrary to this Decision?
All previous provisions contrary to this Decision are hereby abolished.
Will forward and swap contracts concluded before the effective date of this Decision be affected?
Forward and swap contracts concluded before the effective date of this Decision are not subject to the provisions of this Decision.
全文
Pursuant to …;
Regarding amendments to certain provisions related to forward transactions and swaps of credit institutions authorized to conduct foreign exchange business
exchange between permitted foreign currency trading credit institutions
___________________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997, and the Law on Credit Institutions No. 02/1997/QH10 dated December 12, 1997.
Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;
At the proposal of the Director of the Department of Foreign Exchange Management;
Pursuant to …;
Article 1. Amend Article 3 of Decision No. 65/1999/QĐ-NHNN dated February 25, 1999 of the Governor of the State Bank of Vietnam regarding the minimum and maximum terms of forward transactions as follows:
"The General Director (Director) of credit institutions authorized to conduct forward transactions and swaps shall operate within the following terms:
1. Minimum term: seven (7) days from the date of signing the transaction contract.
2. Maximum term: one hundred eighty (180) days from the date of signing the transaction contract."
Article 2. Amend Article 1 of Decision No. 289/2000/QĐ-NHNN dated August 30, 2000 of the Governor of the State Bank of Vietnam regarding the principles for determining exchange rates for forward foreign exchange transactions and swaps of credit institutions authorized to conduct foreign exchange business as follows:
"1. For transactions between the Vietnamese Dong and the US Dollar: The applicable exchange rate for each term shall not exceed the ceiling exchange rate for spot transactions at the time of signing the forward or swap contract plus the permitted increase (percentage of the ceiling spot exchange rate) specified for each term as follows:
0.40% of the ceiling spot exchange rate for terms from seven (7) days to thirty (30) days
1.50% of the ceiling spot exchange rate for terms from thirty-one (31) days to one hundred twenty (120) days
2.35% of the ceiling spot exchange rate for terms from one hundred twenty-one (121) days to one hundred eighty (180) days
Article 3. This Decision takes effect from the date of issuance. Any previous regulations that conflict with this Decision are hereby abolished.
Forward and swap contracts signed before the effective date of this Decision are not subject to the provisions of this Decision.
Article 4. The Heads of the Office, Heads of the Department of Foreign Exchange Management, Heads of units under the Central Bank, Governors of the State Bank of Vietnam branches in provinces and centrally administered cities, Chairmen of the Board of Directors, and General Directors (Directors) of credit institutions authorized to conduct foreign exchange business are responsible for implementing this Decision.
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