Decision 1033/2001/QD-NHNN on adjusting the exchange rate applied by the State Bank when reselling US dollars to banks performing foreign currency swap operations under Decision 893/2001/QD-NHNN issued by the Governor Issued by the State Bank

DECISION

ON THE ADJUSTMENT OF THE EXCHANGE RATE APPLICABLE BY THE STATE BANK TO THE RESALE OF US$ TO BANKS PERFORMING THE FOREIGN CURRENCY SWAP OPERATION IN ACCORDANCE WITH THE DECISION NO. 893/2001/QD-NHNN DATED 17 JULY, 2001 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON THE PERFORMANCE OF FOREIGN CURRENCY SWAP OPERATION BETWEEN THE STATE BANK AND BANKS TO MEET THE REQUIREMENT OF SHORT-TERM VND FUNDS OF BANKS

THE GOVERNOR OF THE STATE BANK

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries and ministry-level agencies;
Upon the proposal of the Director of the Monetary Policy Department,

DECIDES

Article 1. The exchange rate applicable by the State Bank to the resale of US$ to banks performing the foreign currency swap operation shall equal to the spot exchange rate applicable by the State Bank at the signing date of the foreign currency swap contract or the date where the foreign currency swap transaction through the REUTERS network is confirmed (hereinafter referred to as "the spot exchange rate") plus an premium which is specified for each specific term in Article 2 of this Decision.

Article 2. The premium of the exchange rate for each specific term as follows:

- For the term of 7 days: 0.30% of the spot exchange rate.

- For the term of 15 days: 0.40% of the spot exchange rate.

- For the term of 30 days: 0.50% of the spot exchange rate.

- For the term of 60 days: 1.00% of the spot exchange rate.

- For the term of 90 days: 1.50% of the spot exchange rate.

Article 3. This Decision shall be effective from 16 August, 2001 and replace the Decision No. 894/2001/QD-NHNN dated 17 July, 2001 of the Governor of the State Bank on the exchange rate applicable by the State Bank to the resale of US$ to banks performing the foreign currency swap operation in accordance with the Decision No. 893/2001/QD-NHNN dated 17 July, 2001 of the Governor of the State Bank of Vietnam on the performance of foreign currency swap operation between the State Bank and banks to meet the requirement of short-term VND funds of banks

Article 4. The Director of the Administration Department, the Director of the Monetary Policy Department, the Director of the Foreign Exchange Control Department, the Director of the Credit Department, the Director of the Banking Operation Department, the Director of the Finance and Accounting Department, Directors of related units in the State Bank, Head-Office, Directors General (Directors) of banks engaging in foreign currency swap operations with the State Bank shall be responsible for the implementation of this Decision.

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