New regulations on the use of valuable papers deposited at the State Bank of Vietnam

New regulations on the use of valuable papers deposited at the State Bank of Vietnam
Văn Trọng

Governor of the State Bank of Vietnam issued Circular 16/2022/TT-NHNN dated 30/11/2022 on depository and use of valuable papers at the State Bank of Vietnam.

According to Vietnam's Circular 16/2022/TT-NHNN, valuable papers used in money market operations include:

(1) Open market operations;

(2) Refinancing operations:

- Loans to credit institutions and foreign bank branches secured by the pledge of valuable papers of the State Bank;

- Discounting valuable State Bank papers for credit institutions and foreign bank branches

- Other types of refinancing permitted by State Bank regulations;

(3) Pledge valuable papers to establish an overdraft limit and overnight lending in interbank electronic payments;

(4) Pledge, deposit valuable papers to establish the net debt limit in an interbank electronic payment;

Currently, Vietnam's Circular 04/2016/TT-NHNN only regulates the deposit of valuable papers to establish the net debt limit in interbank electronic payments.

(5) Pledge and deposit valuable papers in order to establish a centralized payment limit.

(6) Pledge and deposit valuable papers to establish an electronic clearing limit through the Electronic Clearing System;

Currently, valuable papers are held in escrow to establish the net debt limit in interbank electronic payment systems, with participants in the e-payment system.

(7) Pledge, deposit valuable papers, and perform other operations as decided by the Governor of the State Bank from time to time. (Additional content)

Vietnam's Circular 16/2022/TT-NHNN takes effect on January 17, 2023, and replaces Vietnam's Circular 04/2016/TT-NHNN.

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