What are regulations on instruments and languages used in foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange?
What are regulations on instruments and languages used in foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange? Thank you!
What are regulations on instruments and languages used in foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange?
Pursuant to Article 10 of the Circular 26/2021/TT-NHNN (takes effect from 15/02/2022) stipulating instruments and languages used in foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange as follows:
1. SBV shall trade with permitted credit institutions via online trading systems such as Refinitiv, Bloomberg, telephones, or other instruments decided by SBV from time to time.
2. Verified foreign currency trades on instruments under Clause 1 of this Article means the commitment is unchanged. Revision or cancellation must be agreed upon by both parties.
3. If foreign currency trade is performed via telephones, permitted credit institutions must make sure that telephones can record audio, store audio recording, and trace the agreed trade. Once the agreement is made via telephones, on the trade date, SBV and permitted credit institutions shall verify again via physical or electronic documents which will be signed by competent authorities.
4. Language used in trade across foreign currency trading instruments is Vietnamese or English.
What are regulations on trading hours between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange?
Pursuant to Article 11 of the Circular 26/2021/TT-NHNN (takes effect from 15/02/2022) stipulating trading hours between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange as follows:
1. The official foreign currency trading hours between SBV and permitted credit institutions shall be the office hours of SBV during weekdays.
2. Any foreign currency exchange that occurs outside of the trading hours mentioned under Clause 1 of this Article, permitted credit institutions must organize implementation of said exchange in a coherent, safe manner and ensure risk management.
Best regards!
