Socialist Republic of Vietnam

STATE BANK OF VIETNAM


DECISION OF THE GOVERNOR OF THE STATE BANK
on announcement of exchange rates between Vietnamese Dong and other currencies

No: 64/1999/QD-NHNN7 Hanoi, 25 February 1999

THE GOVERNOR OF THE STATE BANK

Pursuant to the Law on State Bank No. 01/1997/QH10 dated 12 December 1997 and the Law on Credit Institutions No. 02/1997/QH10 dated 12 December 1997;

Pursuant to Decree 15/CP dated 02 March 1993 of the Government on the State management duty, powers and responsibility of the ministries and ministerial-level bodies;

On the proposal of the Director of the Foreign Exchange Control Department.

DECIDES

Article 1. On a daily basis, the State Bank shall announce over mass media the average interbank market rate of Vietnamese Dong against United States Dollars instead of the official and average selling and buying rates to be applicable on the interbank market.

Article 2. The average interbank rate annouced daily by the State Bank will be determined on the actual average rate applicable on the interbank market on the latest preceding transaction day.

Article 3. The average interbank rate for Vienamese Dong agaisnt US Dollars are applicable as basis for:

1. general directors or directors of credit institutions permitted to deal in foreign currencies to set their selling and buying rates;

2. calculation of import and export taxes;

3. the State Bank to determined the exchange rate between Vietnamese Dong and other currencies for the purpose of calculation of import and export taxes on the dates of 1, 10 and 20 every month;

4. other activities involving the official rates and average intebank selling and buying rates previously applicable under State regulations.

Artile 4. This Decision comes into effect as of 26 February 1999 and shall supersede Decision 205/QD-NH7 and Decision 206/QD-NH7 of the Governor of the State Bank issued in 20 September 1994. Other regultions which may be contrary to this Decision shall hereby be repealed.

Article 5. Chief of the State Bank Office, Director of Foreign Exchange Control Department, other directors of the units under the Central State Bank, Directors of provincial and munincipal State Bank branches, Chairman and General Directors (Directors) of Credit Institutions permitted to trade foreign currencies will be responsible to implement this Decision.

For the Governor

Deputy Governor

LE DUC THUY