Amendment of regulations on foreign exchange transactions between the State Bank and credit institutions authorized to conduct foreign exchange activities in Vietnam

Amendment of regulations on foreign exchange transactions between the State Bank and credit institutions authorized to conduct foreign exchange activities in Vietnam

Circular 54/2024/TT-NHNN amends and supplements Clause 2, Article 14 regarding the suspension of transactions and termination of foreign exchange transaction relationships between the State Bank of Vietnam and credit institutions permitted to engage in foreign exchange activities.

The State Bank of Vietnam will temporarily suspend foreign exchange transactions with permitted credit institutions in circumstances where these institutions are:

- Temporarily suspended from foreign exchange transactions as per the provisions in the Special Control Decision;

- Suspended from foreign exchange activities.

(Currently, the State Bank temporarily suspends foreign exchange transactions with permitted credit institutions during the period when they are: a) Placed under special control; b) Suspended from foreign exchange activities)

Circular 54/2024/TT-NHNN also revises reporting information policies for credit institutions in cases using the trading system of Refinitiv.

Credit institutions permitted to have foreign exchange transactions with the State Bank must report to the State Bank (Transaction Department) as prescribed.

In cases where the trading system of Refinitiv is used, reporting is done according to the guidance of the SBV on the process of reporting foreign exchange transactions through the trading system of Refinitiv.

From the time of completing foreign exchange transactions through the trading system of Refinitiv, permitted credit institutions must report transactions conducted on the Refinitiv trading system within 15 minutes. In cases where parties do not conduct transactions on the Refinitiv trading system, the transaction report must be completed by the permitted credit institutions on the Refinitiv trading system within 45 minutes.

Circular 54/2024/TT-NHNN will take effect from February 5, 2025.

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