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Saturday, June 22, 2024

SBV tightens foreign exchange oversight

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) branch in HCMC has told commercial banks and foreign bank branches to enhance oversight on foreign exchange agents.

Emphasizing adherence to foreign exchange regulations and the importance of internal checks, the SBV directive issued on May 8 aims to maintain exchange rate stability and promote socio-economic development.

Commercial banks and foreign bank branches operating in HCMC are tasked with ensuring proper delegation of authority to economic organizations acting as foreign exchange agents. They must also bolster management, inspection, and control of foreign exchange agent activities.

These financial institutions are mandated to provide advisory services to ensure compliance with regulations and educate customers on relevant rules on foreign exchange transactions.

Nguyen Duc Lenh, deputy director of the SBV branch in HCMC, said that these measures aim to enhance management efficiency, uphold discipline, ensure compliance with legal provisions, and promote the legitimate use of foreign exchange.

Banks have until June 15 to conduct inspections of authorized foreign exchange agents, report on compliance, identify shortcomings, and make recommendations to the SBV’s HCMC branch.

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