Decision No. 20/1998/QD-NHNN1 dated Janurary 10, 1998 of the State Bank on the adjustment to the rule on vnd position of foreign banks branches operating in Vietnam
STATE BANK OF VIETNAM
SOCIALIST REPUBLIC OF VIETNAM
Hanoi, 10 January, 1998
ON THE ADJUSTMENT TO THE RULE ON VND POSITION OF FOREIGN BANKS BRANCHES OPERATING IN VIETNAM
GOVERNOR OF THE STATE BANK OF VIETNAM
- Pursuant to the Ordinance on the State Bank and the Ordinance on Banks, Credit cooperatives and Finance companies promulgated by the Decision no. 37/LCT-HDNN8 and Decision No. 38/LCT-HDNN8 dated 24 May, 1990 of the Chairman of the State Council of the Socialist Republic of Vietnam;
- Pursuant to the Decree No. 15 CP dated 2 March, 1993 of the Government on the assignment, authority and responsibility for State management of ministries and ministry-level agencies;
- Pursuant to the Decree No. 189-HDBT dated 15 June, 1991 of the Chairman of the Council of Ministers promulgating the Regulation on foreign banks branches and joint-venture banks operating in Vietnam;
- Upon proposal of the Directors of the Economic Research Department and departments concerned.
Article 2 of the Rule on VND position of foreign banks branches operating in Vietnam promulgated in conjunction with the Decision No. 380/1997/QD-NHNN1 dated 11 November, 1997 by the Governor of the State Bank shall be amended as follows:
"Foreign bank branches operating in Vietnam shall maintain the VND position within the limits of +/- 15% (fifteen percentage) of the capital allocated by the foreign banks to the branches and reserve funds".
This Decision shall be effective 15 days from the date of signing. Any change or amendment to this Decision shall be decided upon by the Governor of the State Bank.
The Head of Governor Office, Director of Economic Research Department, The Chief Inspector, The Director of Banking Operations Department, heads of relevant departments at the State Bank Head-office, General Managers of State Bank Branches in the provinces and cities and Directors General (Directors) of foreign bank branches operating in Vietnam shall be responsible for the enforcement of this Decision.
FOR THE GOVERNOR OF THE STATE BANK
Le Duc Thuy