DECISION

ON THE ANNOUNCEMENT OF THE VIETNAM DONG’S EXCHANGE RATES AGAINST FOREIGN CURRENCIES

THE GOVERNOR OF STATE BANK

Pursuant to State Bank Law No. 01/1997/QH10 and Credit Institutions Law No.02/1997/QH10 of December 12, 1997;
Pursuant to Decree No. 15/CP of March 2, 1993 of the Government on the tasks, powers and State management responsibilities of the ministries and the ministerial-level agencies;
At the proposal of the head of the Foreign Exchange Management Department,

DECIDES:

Article 1.- Daily, the State Bank shall announce the average transaction exchange rates on the inter-bank foreign exchange market of Vietnam Dong against the US dollar on the mass media, instead of announcing the official exchange rates and the average actual buying and selling rates on the inter-bank foreign exchange market.

Article 2.- The average inter-bank foreign exchange market transaction rates announced by the State Bank for daily application shall be determined on the basis of the average actual exchange rates on the inter-bank foreign exchange market of the latest transaction date.

Article 3.- The average transaction rates on the inter-bank foreign exchange market of Vietnam Dong against the US dollar shall:

...

...

...

2. Apply in the import tax and export tax calculation;

3. Serve as basis for the State Bank to announce the exchange rates of Vietnam Dong against other foreign currencies for application in the calculation of the export tax and import tax on the 1st, 10th and 20th of every month;

4. Apply in other activities related to the previous official exchange rates and average actual buying and selling rates on the inter-bank market according to the State’s regulations.

Article 4.- This Decision takes effect as from February 26, 1999 and replaces Decision No. 205/QD-NH7 and Decision No. 206/QD-NH7 of the Governor of the State Bank, issued on September 20, 1994. The other regulations contrary to this Decision are all now annulled.

Article 5.- The director of State Bank’s Office, the head of the Foreign Exchange Management Department, the heads of the units attached to Central State Bank, the directors of the State Bank’s provincial and municipal branches, the chairmen of the managing boards and the general directors (directors) of the credit institutions licensed to trade in foreign currencies shall have to implement this Decision.

FOR THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR




Le Duc Thuy