Decision No. 311/QD-NH7 on the principles for determining foreign exchange buying and selling rates for credit institutions permitted to operate in foreign exchange transactions.

Pursuant to …;

Regarding the principle of determining the exchange rate for buying and selling

foreign currencies by credit organizations permitted to engage in foreign currency transactionsệ

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GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Ordinance on the State Bank of Vietnam promulgated by Decree No. 37/HĐNN8 dated May 24, 1990 of the Chairman of the Council of Ministers;

Pursuant to the Governmental Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities of state management by ministries and ministerial-level agencies;

At the proposal of the Director of the Foreign Exchange Management Department,

DECISION:

Article 1: Now permits the General Directors (Directors) of credit organizations permitted to engage in foreign currency transactions to determine the buying and selling exchange rates for foreign currencies within a band of plus or minus 1% (one percent) compared to the official exchange rate published daily by the Governor of the State Bank of Vietnam.

The difference between the buying rate and the selling rate:

For transferable foreign currencies: up to 0.1%

For cash foreign currencies: up to 0.5%.

Article 2: This Decision takes effect from the date of issuance and replaces Decision No. 245/QĐ-NH7 dated October 3, 1994 of the Governor of the State Bank of Vietnam.

Article 3: The Heads of the Governor's Office, Heads of Departments responsible for foreign exchange management, Heads of relevant Departments and Bureaus of the Central State Bank, Governors of State Bank Branches in provinces and cities, General Directors, Directors of credit organizations permitted to engage in foreign currency transactions, joint-stock banks, and branches of foreign banks are responsible for implementing this Decision./.