DECISION

PROMULGATING THE SPOT EXCHANGE RATE BETWEEN VIETNAM DONG AND FOREIGN CURRENCY BY PERMITTED CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

Pursuant to Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010

Pursuant to Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Ordinance on Foreign Currencies No. 28/2005/PL-UBTVQH11 dated December 13, 2005 and Ordinance No. 06/2013/PL-UBTVQH13 dated March 18, 2013 on amendments to a number of Articles in the Ordinance;

Pursuant to Government's Decree No. 156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

At the request of the Director of the Financial Policy Department;

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Article 1. Banks, credit institutions, and branches of foreign banks are permitted to trade in foreign currencies and provide foreign currency services (herein after referred to as permitted credit institution) or determine the buying and selling spot exchange rate (spot) for transaction between Vietnam dong and foreign currencies under the following principles:

1. For US Dollars: the spot exchange rate shall not exceed +3% (three percent) of the average exchange rate in the inter-bank foreign currency market, announced by the State Bank on the same date.

2. For other currencies: The spot exchange rate shall be determined by the permitted credit institutions.

3. The difference between the buying rate and selling rate shall be determined by permitted credit institutions.

Article 2. This Decision comes into force from August 19, 2015 and shall replace Decision No.1595/QD-NHNN dated August 11, 2015 on the spot exchange rate between Vietnam dong and other foreign by permitted credit institutions.

Article 3. Director of the Administrative Department, Director of Monetary Policy Department, Heads of units of the State Bank, Managers of State Bank's branches in provinces and central-affiliated cities, Chairman of the Board of Directors, Chairman of the Board of members, and General Director (Director) of credit institutions shall be responsible for the implementation of this Decision./.

GOVERNOR OF THE STATE BANK




Nguyen Van Binh