(VASEPNews) In March 20th 2012, the State Bank of Vietnam (SBV) issued the circular No.07/2012/TT-NHNN stipulating the foreign currency position of credit institutions and foreign bank branches in Vietnam licensed to engage in forex operations.
Pursuant to the Circular:
1. Foreign currency position of credit institutions and foreign bank branches is determined at the end of working days.
2. The original currency position of foreign currencies is calculated on the basis of the balance of relevant accounts stipulated in Annex attached to the Circular.
3. Original currency position of each foreign currency is converted into VND according to the position exchange rate.
4. Positive foreign currency positions (long positions) are combined to determine the total positive foreign currency position, and negative foreign currency positions (short positions) are combined to determine the total negative foreign currency position.
The Circular will take effect in May 2nd 2012, replacing SBV’s Decision No.1081/2002/QD-NHNN of October 7th 2002 and SBV’s Decision No.1168/2003/QD-NHNN of October 2nd 2003 on amending the article 1 in the Decision No.1081/2002/QD-NHNN of October 7th 2002.
KT