Circular 25/2009/TT-NHNN supplementing article 1 of Decision 09/2008/QD-NHNN on lending in foreign currency by credit institutions to resident borrowers approved by the Governor of the State Bank Issued by Vietnam

CIRCULAR

ON THE SUPPLEMENT TO ARTICLE 1 OF THE DECISION NO. 09/2008/QD-NHNN DATED 10 APRIL 2008 OF THE GOVERNOR OF THE STATE BANK ON THE LENDING IN FOREIGN CURRENCY BY CREDIT INSTITUTIONS TO BORROWERS BEING RESIDENTS

Pursuant to the Law on the State Bank of Vietnam in 1997 and the Law on the amendment, supplement of several Articles of the Law on the State Bank of Vietnam in 2003;
Pursuant to the Law on Credit Institutions in 1997 and the Law on the amendment, supplement of several Articles of the Law on Credit Institutions in 2004;
Pursuant to the Ordinance on Foreign Exchange dated 13 December 2005;
Pursuant to the Resolution No. 43/2009/NQ-QH12 dated 27 November 2009 of the National Assembly on making inquiries and answering inquiries at the sixth meeting session, National Assembly- Legislature XII;
Pursuant to the Decree No. 96/2008/ND-CP dated 26 August 2008 of the Government providing for functions, assignments, authorities and organizational structure of the State Bank of Vietnam;
Pursuant to Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on Foreign Exchange;
The State Bank of Vietnam hereby provides for the supplement to Article 1 of the Decision No. 09/2008/QD-NHNN dated 10 April 2008 of the Governor of the State Bank on the lending in foreign currency by credit institutions to borrowers being residents as follows:

Article 1. To supplement paragraph 4 and 5 to Article 1 of the Decision No. 09/2008/QD-NHNN dated 10 April 2008 as follows:

“4. For carrying out investment projects, production and business plan of goods and services for export; in case of lending in foreign currency for domestic use, the borrower shall be required to sell such loan in foreign currency to the lending credit institution.

5. It is required to obtain a prior written approval from the Governor of the State Bank for fund demands other than those stipulated in this Article.”

Article 2. This Circular shall be effective since the date of signing.

Article 3. The Director of Administrative Department, Director of Monetary Policy Department and Heads of units of the State Bank of Vietnam, General Managers of the State Bank branches in provinces, cities under the central Government's management, the Chairman of Board of Directors, General Directors (Directors) of credit institutions shall be responsible for the implementation of this Circular.

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