Decision No. 430/1997/QĐ-NH13 stipulates the implementation of SWAP transactions between the State Bank and commercial banks, including the applicable exchange rate, the formula for calculating the SWAP ratio, and the SWAP points. The decision takes effect from December 25, 1997.
适用范围
The State Bank and commercial banks are members of the interbank foreign exchange market.
要点
- The State Bank conducts USD/VND SWAP transactions with terms of two weeks, one month, two months, and three months with commercial banks that are members of the interbank foreign exchange market.
- The exchange rate applied to SWAP transactions is announced daily by the Trading Department of the State Bank based on the State Bank's spot buying rate and interest rate differential.
- The formula for calculating the SWAP ratio: SWAP Rate = Spot Rate + SWAP Points. SWAP Points are calculated using the formula (Spot Rate - US Dollar LIBOR) x Number of Days / 360.
- The decision takes effect from December 25, 1997.
- The Chairman of the Interbank Foreign Exchange Market, the Director of the Governor's Office, the Head of the Accounting and Finance Department, the Director of the State Bank Trading Department, and related units are responsible for implementing this decision.
🌐 本文件的社会影响
- Positive impact: Helps strengthen foreign currency exchange activities between the State Bank and commercial banks, enhancing monetary management efficiency.
- Negative impact: May impose additional procedural burdens on commercial banks when conducting SWAP transactions.
❓ 常见问题
What term does the State Bank implement for SWAP transactions?
The State Bank implements SWAP transactions with terms of two weeks, one month, two months, and three months.
When is the exchange rate applied to SWAP transactions announced?
The exchange rate applied to SWAP transactions is announced daily by the Trading Department of the State Bank.
How is the SWAP ratio and SWAP points calculated?
The SWAP Ratio = Spot Rate + SWAP Points. SWAP Points are calculated using the formula (Spot Rate - US Dollar LIBOR) x Number of Days / 360.
When does this decision take effect?
The decision takes effect from December 25, 1997.
What actions must commercial banks undertake to implement this decision?
The Chairman of the Interbank Foreign Exchange Market, the Director of the Governor's Office, the Head of the Accounting and Finance Department, the Director of the State Bank Trading Department, and related units are responsible for implementing this decision. The Head of the Accounting and Finance Department is responsible for guiding the accounting of this transaction.
全文
Pursuant to …;
VREGARDING THE IMPLEMENTATION OF SWAP TRANSACTIONS BETWEEN THE STATE BANK AND COMMERCIAL BANKS
GOVERNOR OF THE STATE BANK OF VIETNAM
- BASED ON THE BANKING LAW ISSUED PURSUANT TO DECREE NO. 37/LCT-HĐNN8 DATED MAY 24, 1990.
- BASED ON THE DECREES OF THE GOVERNMENT NO. 15/CP DATED MARCH 2, 1993 ON THE TASKS, POWERS, AND RESPONSIBILITIES FOR STATE MANAGEMENT BY MINISTRIES AND GOVERNMENTAL AGENCIES.
- BASED ON THE REGULATIONS ON THE ORGANIZATION AND OPERATIONS OF THE INTERBANK FOREIGN EXCHANGE MARKET ISSUED PURSUANT TO DECISION NO. 203-QĐ/NH13 DATED SEPTEMBER 20, 1994 OF THE GOVERNOR OF THE STATE BANK.
- AT THE REQUEST OF THE HEAD OF THE FOREIGN EXCHANGE MANAGEMENT DEPARTMENT, THE HEAD OF THE ECONOMIC RESEARCH DEPARTMENT, AND THE DIRECTOR OF THE STATE BANK'S TRADING DEPARTMENT.
Pursuant to …;
Article 1. - THE STATE BANK SHALL IMPLEMENT SWAP TRANSACTIONS IN US DOLLARS/VIETNAM DONG (AND OTHER FOREIGN CURRENCIES WHEN CONDITIONS PERMIT) WITH COMMERCIAL BANKS THAT ARE MEMBERS OF THE INTERBANK FOREIGN EXCHANGE MARKET FOR PERIODS OF TWO WEEKS, ONE MONTH, TWO MONTHS, AND THREE MONTHS. THE AGREED NUMBER OF DAYS USED AS THE BASIS FOR CALCULATING THE SWAP RATE FOR A MONTH IS 30 DAYS, AND FOR A YEAR IS 360 DAYS.
Article 2. - THE EXCHANGE RATES APPLIED TO SWAP TRANSACTIONS SHALL BE ANNOUNCED DAILY BY THE STATE BANK'S TRADING DEPARTMENT AND SHALL BE CALCULATED BASED ON:
- THE SELLING EXCHANGE RATE FOR FOREIGN CURRENCY TO THE STATE BANK IS THE IMMEDIATE PURCHASE EXCHANGE RATE OF THE STATE BANK ON THE CONTRACT SIGNING DATE.
- THE BUYBACK EXCHANGE RATE FOR FOREIGN CURRENCY FROM THE STATE BANK IS CALCULATED BASED ON THE IMMEDIATE EXCHANGE RATE MENTIONED ABOVE AND THE DIFFERENCE BETWEEN THE REFINANCE INTEREST RATE FOR VIETNAM DONG APPLIED BY THE STATE BANK TO COMMERCIAL BANKS AND THE US DOLLAR LIBOR INTEREST RATE OF THE SAME PERIOD ON THE WORKING DAY BEFORE THE CONTRACT SIGNING DATE.
Article 3. THE FORMULA FOR CALCULATING THE SWAP RATE AND THE SWAP POINT IS AS FOLLOWS:
- SWAP EXCHANGE RATE = IMMEDIATE EXCHANGE RATE + SWAP POINT
(REFINANCE INTEREST RATE FOR VIETNAM DONG - US DOLLAR LIBOR) x NUMBER OF CONTRACT DAYS
- SWAP POINT = IMMEDIATE EXCHANGE RATE x
360
WHERE: IMMEDIATE EXCHANGE RATE = IMMEDIATE EXCHANGE RATE
REFINANCE INTEREST RATE FOR VIETNAM DONG = REFINANCE INTEREST RATE FOR VIETNAM DONG
NUMBER OF CONTRACT DAYS = NUMBER OF CONTRACT DAYS
Article 4. THIS DECISION SHALL TAKE EFFECT FROM DECEMBER 25, 1997.
Article 5. - THE CHAIRMAN OF THE INTERBANK FOREIGN EXCHANGE MARKET, THE DIRECTOR OF THE GOVERNOR'S OFFICE, THE HEAD OF THE ACCOUNTING AND FINANCE DEPARTMENT, THE DIRECTOR OF THE STATE BANK'S TRADING DEPARTMENT, THE HEAD OF THE FOREIGN EXCHANGE MANAGEMENT DEPARTMENT, THE HEADS OF THE UNITS RELATED TO THE CENTRAL BANK, THE DIRECTORS OF THE STATE BANK BRANCHES IN PROVINCES AND CITIES, AND THE GENERAL MANAGERS (DIRECTORS) OF COMMERCIAL BANKS THAT ARE MEMBERS OF THE INTERBANK FOREIGN EXCHANGE MARKET SHALL BE RESPONSIBLE FOR IMPLEMENTING THIS DECISION. THE HEAD OF THE ACCOUNTING AND FINANCE DEPARTMENT SHALL BE RESPONSIBLE FOR GUIDING THE RECORDING OF THIS TRANSACTION.
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