This Decision stipulates the exchange rate applied by the State Bank when reselling US Dollars to banks conducting foreign currency swap transactions based on the spot selling rate plus a specific increase according to the term. This Decision takes effect from the date of issuance.
Scope of application
Banks participating in foreign currency swap transactions with the State Bank.
Key points
- Banks → are resold US Dollars at the exchange rate specified by the State Bank, including the spot selling rate plus a specific increase according to the term (7 days: 0.80%, 15 days: 0.85%, 30 days: 1.00%, 60 days: 1.35%, 90 days: 1.70%).
- Banks → must conduct foreign currency swap transactions in accordance with Decision No. 893/2001/QD-NHNN.
🌐 Social impact of this document
- Positive impact: Helps banks have a basis for conducting foreign currency swap transactions transparently and effectively, meeting short-term capital needs.
- Negative impact: May increase costs for banks due to the specific increase in the exchange rate according to the term.
❓ Frequently asked questions
How are banks resold US Dollars at what exchange rate?
Banks are resold US Dollars at an exchange rate equal to the spot selling rate of the State Bank plus a specific increase according to the term (7 days: 0.80%, 15 days: 0.85%, 30 days: 1.00%, 60 days: 1.35%, 90 days: 1.70%).
What is the spot selling rate of the State Bank determined based on?
The spot selling rate of the State Bank is determined on the day the foreign currency swap contract is signed or confirmed through the Reuters network.
Which decision must banks implement for foreign currency swap transactions?
Banks must conduct foreign currency swap transactions in accordance with Decision No. 893/2001/QD-NHNN.
When does this Decision take effect?
This Decision takes effect from the date of issuance.
What responsibilities do banks participating in foreign currency swap transactions with the State Bank need to fulfill?
Banks participating in foreign currency swap transactions with the State Bank are responsible for implementing this Decision.
Full text
DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Regarding the exchange rate applied by the State Bank when reselling US Dollars to banks conducting foreign currency swap transactions pursuant to Decision No. 893/2001/QĐ-NHNN dated July 17, 2001 of the Governor of the State Bank on the implementation of foreign currency swap transactions
between the State Bank and banks to meet the short-term capital needs of the banks
The exchange rate applied by the State Bank when reselling US Dollars to banks conducting foreign currency swap transactions shall be the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) plus the specified increase rate for each specific term as follows:
0.80% of the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) for the 7-day term.
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;
Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities of state management of ministries and ministerial-level agencies;
Pursuant to the proposal of the Director of the Monetary Policy Department,
DECISION:
Article 1. 0.85% of the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) for the 15-day term.
1.00% of the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) for the 30-day term.
1.35% of the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) for the 60-day term.
1.70% of the selling spot exchange rate of the State Bank on the date of signing the foreign currency swap contract (or on the date of confirming the foreign currency swap transaction through the REUTERS network) for the 90-day term.
The Heads of the Office, the Department Heads of Monetary Policy Department, Foreign Exchange Management Department, Credit Department, Trading Department of the State Bank, Accounting and Finance Department, Heads of relevant units at the Central State Bank, General Directors (Directors) of participating banks in foreign currency swap transactions with the State Bank are responsible for implementing this Decision./.
1.70% of the spot selling exchange rate of the State Bank of Vietnam on the date of signing the foreign currency swap contract (or on the date confirming the foreign currency swap transaction through the REUTERS network) for the 90-day term.
Article 2. This Decision shall take effect from the date of signing.
Article 3. The Head of the Office, the Director of the Monetary Policy Department, the Director of the Foreign Exchange Management Department, the Director of the Credit Department, the Director of the Trading Department of the State Bank of Vietnam, the Director of the Accounting and Finance Department, the Heads of relevant units at the Central Bank, and the General Directors (Directors) of banks participating in foreign currency swap transactions with the State Bank of Vietnam are responsible for implementing this Decision./.
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