Decision No. 340/1999/QD-NHNN14 approves the project to implement open market operations aimed at regulating capital and interest rates through the purchase or sale of short-term securities between the State Bank of Vietnam and credit institutions. This decision details the content of open market operations and the responsibilities of related units in preparing for implementation.
적용 범위
The State Bank of Vietnam, Credit Department, Monetary Policy Department, Accounting-Finance Department, Organization-Cadres and Training Department, State Bank Trading Office, Banking Information Technology Management Bureau, Administrative Bureau, member credit institutions of the open market.
핵심 사항
- The State Bank of Vietnam decides to purchase or sell short-term securities with credit institutions through the State Bank Trading Office via auction bidding.
- The Credit Department submits to the State Bank's leadership the Rules on Open Market Operations, Discounting and Re-discounting Rules, Central Bank Refinancing Rules for Credit Institutions, upgrading interbank market activities, and training staff on operations.
- The Monetary Policy Department submits to the State Bank's leadership the Rules on Issuance and Auction of Central Bank Bills, management of available capital of credit institutions.
- The Accounting-Finance Department drafts guidance documents for relevant accounting entries, prepares financial plans regarding costs of open market operations activities, and studies improvements to the Settlement Rules.
- The Banking Information Technology Management Bureau participates in reviewing draft documents to ensure technical requirements, completes computer programs for implementing operations, and guides technical procedures for related departments.
🌐 이 문서의 사회적 영향
- Positive impact: Enhances the State Bank of Vietnam's ability to regulate capital and interest rates through the implementation of open market operations.
- Negative impact: May increase cost burdens on credit institutions when supplementing and modifying internal capital adjustment mechanisms.
❓ 자주 묻는 질문
How will the State Bank of Vietnam decide to purchase or sell short-term securities?
The Governor of the State Bank of Vietnam will base decisions on monetary policy requirements and the surplus or shortage of available capital of credit institutions to purchase or sell short-term securities with credit institutions.
What preparations do credit institutions need to make for open market operations?
Credit institutions need to supplement and modify their internal capital adjustment mechanisms and equip computers, network connections between branches and headquarters with the Central State Bank to conduct open market operations.
When does this decision take effect?
This decision takes effect fifteen days from the date of issuance.
What tasks must related units undertake to prepare for the implementation of open market operations?
Related units such as the Credit Department, Monetary Policy Department, Accounting-Finance Department, Banking Information Technology Management Bureau, and member credit institutions need to submit to the State Bank's leadership regulatory legal documents, financial plans, research to improve settlement rules, computer equipment, and network communications.
What responsibilities do credit institutions have in implementing open market operations?
Credit institutions need to supplement and modify their internal capital adjustment mechanisms to be compatible with settlement operations and equip computers, network connections between branches and headquarters with the Central State Bank.
전문
Pursuant to …;
Approving the Project to Implement Open Market Operations
_______________
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 Credit Department.
Pursuant to …;:
Article 1. Approving the Project to Implement Open Market Operations (attached hereto with this Decision) with the main contents as follows:
1. Objectives of the Project:
Open market operations are one of the tools of monetary policy, implementing the purchase or sale of short-term negotiable instruments between the State Bank of Vietnam and credit institutions.
Through the activities of open market operations, the Central Bank can proactively regulate the available capital of credit institutions and control interest rates through the purchase or sale of short-term negotiable instruments, aiming to achieve the objectives of monetary policy during each period.
2. Contents of the activities of open market operations:
Based on the requirements of monetary policy management during each period and based on the situation of excess or shortage of available capital of credit institutions, the Governor of the State Bank of Vietnam decides on the purchase or sale of short-term negotiable instruments with credit institutions. The purchase or sale of negotiable instruments between the State Bank and credit institutions shall be conducted at the State Bank's Trading Department, through auction methods.
Article 2. The Working Group preparing open market operations, together with related units, have the responsibility to advise the Governor of the State Bank of Vietnam on the development of documents for implementation and execution of tasks to implement the activities of the open market as follows.
1. Credit Department:
Submit to the Leadership Board of the State Bank of Vietnam:
a. Regulations on open market operations;
b. Regulations on discounting and rediscounting operations;
c. Regulations on State Bank of Vietnam's refinancing to credit institutions;
d. Study to upgrade interbank market activities;
e. Coordinate with departments, bureaus, and trading offices of the State Bank of Vietnam to organize training sessions on open market operations for staff and specialists of the State Bank of Vietnam and credit institutions.
2. Department of Monetary Policy:
Submit to the Leadership Board of the State Bank of Vietnam for issuance:
a. Regulations on the issuance and auction of State Bank of Vietnam's bills;
b. Regulations on the management of available capital of credit institutions;
3. Accounting and Finance Department:
a. Draft guidelines for accounting entries related to open market operations;
b. Develop financial plans regarding costs for open market operation activities;
c. Research and improve settlement regulations.
4. Organization, Personnel, and Training Department:
Draft and submit to the Leadership Board of the State Bank of Vietnam for issuance the Decision establishing the Open Market Operations Management Committee.
5. State Bank Trading Office:
a. Guide the procedures for conducting open market operations at the trading floor, organizing the trading floor;
b. Guide the procedures for conducting auctions of State Bank of Vietnam's bills;
c. Specify the registration process for bills.
d. Coordinate with the Administration Bureau and the Information Technology Bureau to provide equipment for the open market department, while coordinating with the Credit Department and related departments to organize training for State Bank of Vietnam staff and credit institutions.
6. Legal Affairs Department:
a. Review the legal aspects of draft regulatory documents concerning open market operations;
b. Assist the Leadership Board of the State Bank of Vietnam to coordinate with relevant state agencies to submit the draft Ordinance on Bills to the Standing Committee of the National Assembly for approval;
c. Coordinate with related departments to study the content of reports to the Leadership Board of the State Bank of Vietnam regarding the revision of laws related to open market operations.
7. International Relations Department:
a. Develop plans and submit to the Governor of the State Bank of Vietnam for inviting foreign experts, organizing surveys and learning experiences abroad or collecting relevant materials on managing open market operations and practical experience in managing interbank markets;
b. Serve as the point of contact with international financial organizations (such as the World Bank or the Asian Development Bank) to obtain technical assistance (TA) for the open market.
8. Banking Information Technology Bureau:
a. Provide comments on draft documents to ensure technical requirements;
b. Improve computer programs for open market operations, guide technical procedures for related departments to implement;
c. Together with the Administration Bureau, Trading Office, and Credit Department, forecast the need for computers and communication equipment for the State Bank of Vietnam to implement open market operations.
9. Administration Bureau:
a. Coordinate with the Trading Office and Credit Department to develop budget forecasts for purchasing and other expenses to ensure the operation of the market, report to the Accounting and Finance Department to inform the Governor;
b. Arrange working locations for the open market operations department according to the requirements of the open market operations procedures;
c. Equip necessary machinery for departments implementing open market operations according to requirements.
10. Member credit institutions of the open market:
a. Supplement and amend internal capital adjustment mechanisms to align with settlement practices;
b. Equip computers and network connections between branches and headquarters with the Central State Bank (Open Market Operations Department);
c. Allocate personnel to perform open market operations.
Article 3. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.
Article 4. The Chief of the State Bank of Vietnam’s Office, the Director of the Credit Department, and heads of related units under the State Bank of Vietnam; Chairmen of the Management Councils and General Directors of credit institutions are responsible for implementing this Decision.
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DIRECTOR STATE BANK OF VIETNAM DEPUTY DIRECTOR (Signed) Nguyen Van Giau |
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