Decision No. 1439/2001/QD-NHNN amends certain articles in the Open Market Operations Regulation, including determining the auction interest rate, announcing the quantity of securities before the auction session, and the buying/selling interest rate. This decision shall take effect fifteen days from the date of signing.
适用范围
Credit institutions, Open Market Operations Management Board, State Bank of Vietnam, relevant units under the State Bank of Vietnam, provincial/municipal branches of the State Bank of Vietnam, Chairmen of the Boards of Directors and General Managers (Directors) of credit institutions.
要点
- Credit institutions → determine the auction interest rate based on the bidding interest rates of credit institutions and the quantity of securities that the State Bank of Vietnam needs to buy or sell (Article 2 Clause 5).
- Open Market Operations Management Board → decides whether to announce or not to announce in advance the quantity of securities that the State Bank of Vietnam needs to buy or sell (Article 13 Clause 2 Subpoint a).
- Credit institutions winning the auction → carry out the delivery/receipt of securities and payment with the State Bank of Vietnam on the next working day following the auction day (Article 2 Clause 8).
- Open Market Operations Management Board → decides the buying or selling interest rate (Article 14 Clause 1 Subpoint e).
- The required purchase or sale volume → calculated based on the value at maturity of the securities, except in cases where the State Bank of Vietnam's required purchase or sale volume is not announced in advance (Article 15 Clause 6).
🌐 本文件的社会影响
- Positive impact: Enhances transparency and fairness in determining the auction interest rate, helping credit institutions to base their investment decisions effectively.
- Negative impact: May cause difficulties for credit institutions when they are not informed in advance of the State Bank of Vietnam's required purchase or sale volume (except in special cases).
❓ 常见问题
How will credit institutions determine the auction interest rate?
Credit institutions will determine the auction interest rate based on the bidding interest rates of credit institutions and the quantity of securities that the State Bank of Vietnam needs to buy or sell (Article 2 Clause 5).
What will the Open Market Operations Management Board decide regarding advance notification of the quantity of securities?
The Open Market Operations Management Board will decide whether to announce or not to announce in advance the quantity of securities that the State Bank of Vietnam needs to buy or sell (Article 13 Clause 2 Subpoint a).
When does the payment date occur?
The payment date is the next working day following the auction day, credit institutions winning the auction will carry out the delivery/receipt of securities and payment with the State Bank of Vietnam (Article 2 Clause 8).
Who determines the buying or selling interest rate?
The buying or selling interest rate is determined by the Open Market Operations Management Board (Article 14 Clause 1 Subpoint e).
What criteria are used to calculate the required purchase or sale volume?
The required purchase or sale volume is calculated based on the value at maturity of the securities, except in cases where the Open Market Operations Management Board decides not to announce in advance the State Bank of Vietnam's required purchase or sale volume (Article 15 Clause 6).
全文
Pursuant to …;
Regarding the amendment of certain provisions in the Open Market Operations Regulation
issued together with Decision No. 85/2000/QĐ-NHNN14 dated March 9, 2000 of the Governor of the State Bank of Vietnam
_______________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank 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 management of Ministries and ministerial-level agencies;
At the proposal of the Director of the Credit Department,
DECISION:
Article 1. Amending certain provisions in the Open Market Operations Regulation issued together with Decision No. 85/2000/QĐ-NHNN14 dated March 9, 2000 of the Governor of the State Bank of Vietnam as follows:
1. Article 2 Clause 5 and Clause 8 shall be amended as follows:
- "5. Interest rate bidding: Is the process of determining the winning bid interest rate for credit institutions participating in open market operations based on the bid interest rates of credit institutions and the quantity of securities that the State Bank needs to buy or sell."
- "8. Payment date: Is the next working day following the bidding day, credit institutions that win the bids shall carry out the delivery and receipt of securities and payment with the State Bank."
2. Article 13 Clause 2 Subpoint a shall be amended as follows:
"a. The Open Market Operations Management Board decides whether to announce or not to announce the quantity of securities that the State Bank needs to buy or sell before each bidding session."
3. Article 14 Clause 1 Subpoint e shall be amended as follows:
"e. Purchase or sale interest rate."
4. Article 15 Clause 6 shall be amended as follows:
"6. The required purchase or sale amount calculated based on the value at maturity of the securities (Except in cases where the Open Market Operations Management Board decides not to announce in advance the quantity that the State Bank needs to buy or sell when conducting interest rate bidding)."
Article 2. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.
Article 3. The Head of the Office, Heads of the Credit Department, Heads of the Monetary Policy Department, Director of the Trading Department of the State Bank of Vietnam, heads of relevant units under the State Bank of Vietnam, Directors of provincial and centrally-administered city branches of the State Bank of Vietnam, Chairmen of the Boards of Management, General Managers (Directors) of credit institutions are responsible for implementing this Decision.
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