BIDV Allowed to Provide Forex Services Overseas
The State Bank of Vietnam (SBV), the country’s central bank, has allowed the Bank for Investment and Development of Vietnam (BIDV) to provide foreign exchange services on the international market, the central bank announced.
BIDV is now permitted to join in overseas currency and foreign derivative markets, provide lending, borrowing and interest rate swaps, and brokerage services, the central bank said.
The Hanoi-based lender must strictly comply with SBV regulations and relevant provisions of the law on forex services.
The recognition of qualified commercial banks and non-bank credit institutions to provide forex services is governed by the SBV Governor’s Circular No. 03/2008/TT-NHNN of August 11, 2008, guiding the provision of forex services by credit institutions. (SBV)
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