Determination Method of Foreign Currency Cash Balance

06:01, 11/07/2024

This is the content stipulated in Circular 10/2017/TT-NHNN issued by the State Bank of Vietnam on August 30, 2017, providing guidance on foreign exchange management for casino business activities.

Circular 10 stipulates that based on the casino business operation situation, enterprises shall determine the daily cash foreign currency reserve level to meet payment demands for prizes and reimburse foreign players in case they do not use up their exchange tokens. Simultaneously, they must reach a written agreement with the authorized bank where the enterprise has opened a specialized foreign currency account regarding the cash foreign currency reserve level.

The determined cash foreign currency reserve level must be recorded in the License.

On the next working day from the date of receiving cash foreign currency revenue from casino business operations exceeding the reserve level, the enterprise must deposit the excess cash foreign currency into the specialized foreign currency account opened at the authorized bank.

Additionally, Circular 10 stipulates that enterprises already authorized by the State Bank to perform cash foreign currency collection and expenditure for casino business operations without converting licenses must comply with the aforementioned cash foreign currency reserve level regulation.

See details at Circular 10/2017/TT-NHNN, effective from October 15, 2017.

- Thao Uyen -

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