Directive No. 05/CT-NHNN dated April 27, 2012 of the State Bank of Vietnam on regulating the implementation of provisions on gold mobilization, gold keeping and using mobilized and kept gold of credit
In the past time, some credit institutions apply the interest rate, dividend rate to pay the interest for the customers when they use the deposited gold as the morgage at other credit institutions to borrow Vietnamese dong and foreign exchange, or lend and make gold deposits at other credit institutions, sell gold with the term not in accordance with the Law on credit institutions in 2010 and the Circular No. 11/2011/TT-NHNN of the State Bank of Vietnam dated April 29, 2012 on termination of mobilization of deposits and provision of loans in gold by credit institutions, regulations on loan security and potential losses incurred by credit institutions. In order to strickly comply with the current regulations and ensure the operation of credit institutions, foreign bank branches to be safe, the Governor of the State Bank hereby requires as follows:
1. Credit institutions, foreign bank’s branches:
a) For management and property preserve services, (including keeping deposit service), credit institutions and foreign bank branches have to strictly comply with the principles of managing, persevering and keeping gold. Accrodingly, the customers have to pay the fees for credit institutions and foreign bank branches. At the same time, credit institutions and foreign bank branches have to publicly quote the fees for management, storage and keeping gold services; and they are not allowed to pay the interest rate, dividend rate or other forms for the customes; Correctly value the nature of keeping gold account as regulated by the State Bank of
b) Credit institutions and foreign bank branches must strictly implement the regulations on termination of mobilization of deposits and provision of loans in gold; and they are not allowed to use mobilized or kept gold to mortgage and deposit at other credit institutions or foreign bank branches.
c) For derivative products of gold ( forward contracts, futures contracts, options contracts or swap contracts….), credit institutions and foreign bank branches must strictly comply with the regulations on only doing business and supplying these products when being licensed by the State Bank of Vietnam.
2. The Banking Inspection and Supervision Department and State Bank’s branches in provinces, cities:
a) Strictly implement the responsibilities to check, inspect, and supervise the operation of credit institution and foreign bank branches as prescribed under the Law and the derectives of the Governor of the State Bank of
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