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Banks face tighter foreign currency position rules

Update: March, 28/2012 - 09:48

The State Bank of Viet Nam issued Circular No 07/2012/TT-NHNN on March 20, regulating the foreign currency position of credit institutions. Under the new rules, banks will not be allowed to exceed a foreign currency position of 20 per cent of their capital instead of the previous 30 per cent. The total foreign currency position of branches of foreign banks with registered capital of US$25 million or less shall not exceed $5 million. The circular also provides a method for calculating foreign currency positions. It takes effect on May 2, replacing Decision No 1081/2002/QD-NHNN of October 2002 and Decision No 1168/2003/QD-NHNN of October 2003.— BIZCONSULT

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