The Governor of the State Bank of Vietnam has just issued Circular No. 44/2024/TT-NHNN amending Clause 2, Article 2 of Circular No. 16/2019/TT-NHNN prescribing the issuance of State Bank bills.
Accordingly, Circular 44 amends and supplements Clause 2, Article 2 of Circular No. 16/2019/TT-NHNN on the subjects of application as follows: Commercial banks, branches of foreign banks, financial companies, specialized financial companies, cooperative banks, and policy banks (hereafter referred to as credit institutions)
Thus, the subjects of application for the issuance of State Bank bills include: State Bank of Vietnam; Commercial banks, branches of foreign banks, financial companies, specialized financial companies, cooperative banks, and policy banks (hereinafter referred to as credit institutions); Vietnam Deposit Insurance.
The method of issuing State Bank bills remains prescribed in Article 6 of Circular 16. Specifically, State Bank bills are issued through auction or mandatory methods.
Regarding the issuance through the auction method, the issuance of State Bank bills shall be made in accordance with the regulations of the State Bank on auction through open market operations.
For issuance through the mandatory method, based on monetary policy objectives in each period and practical situations, the State Bank decides to issue State Bank bills through the mandatory method for credit institutions.
Credit institutions must purchase State Bank bills issued through the mandatory method according to the decision of the Governor of the State Bank. If necessary, the State Bank may consider buying back State Bank bills issued through the mandatory method before the due date. The Governor of the State Bank decides on the buy-back of State Bank bills issued through the mandatory method.
Circular 44 takes effect from October 23, 2024.
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