Decision 177/QD-NH7 of 1994 stipulating the buying and selling rates of foreign currencies of commercial banks issued by the State Bank

DECISION

ON THE DETERMINATION OF FOREIGN EXCHANGE RATES FOR COMMERCIAL BANKS

THE GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Decree-Law of the State Bank of Vietnam issued in accordance with Decision No. 37/LCT-HDNN3 dated 24 May 1990 bay the Chairman of the Council of State.
To achieve the determination of the same exchange rates and to secure the smooth operation of the 2 foreign currency transaction floors.
On the proposal by the Head of the foreign exchange control Department.

DECIDES

Article 1.

To promulgate the regulations on the determination of foreign exchange rates for commercial banks as follows:

1.1. In cases where clients are economic organizations:

- Foreign currency selling rates quoted by commercial banks shall not exceed the official selling rate indicated by the State Bank plus 0,1 percent.

- Foreign currency buying rates quoted by commercial banks shall not exceed the official buying rate indicated by the State Bank.

- Difference between foreign currency selling and buying rates shall not be fixed

1.2. In case where clients are banks

- Foreign exchange rates shall be agreed between commercial banks within the foreign exchange rates frame stipulated in the article 1.1.

Article 2.

This decision shall come into force from the date of it signing and replace the Decision No 146/QD-NH7 dated 2 July 1994.

Article 3.

The chief of the Governor's office, Head of foreign exchange control department, Head of relevant units of the State Bank of Vietnam, general directors of commercial banks, investment and development banks, joint venture banks, foreign banks branches, financial institutions permitted to do foreign exchange business are responsible for implementing this decision.

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