The DECISION approving the project of implementing open market operations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ the GOVERNOR of the STATE BANK pursuant to the law the State Bank of Vietnam no. 01/1997/QH10 on 12/12/1997 and the credit institutions Law No. 02/1997/QH10 on 12/12/1997;
Pursuant to Decree No. 15/CP dated 03/03/1993 of the Government about the tasks, powers and responsibilities of the State management, ministerial bodies;
At the suggestion of the Director of the credit.
Decision: article 1. Approval of the project implementing open market operations (attached to this decision), with the following principal contents: 1. The goal of the project: open market operations is one of the tools of monetary policy, made the purchase or sale of the short term price papers between the central State Bank with credit institutions.
Through the activities of the open market operations, the Central Bank can adjust the available capital of the credit institution and to control interest rates through buying or selling the vouchers have short-term rates, in order to implement the objectives of monetary policy in each period.
2. active contents of the open market operations: based on the requirements of monetary policy operating in each period and based on the surplus situation or lack of availability of capital for credit institutions, the Governor of the State Bank to decide whether to buy or sell the short-term valuable papers with credit institutions. The purchase or sale of valuable papers between State Bank with the credit institutions is done at the State Bank, according to the method of bidding.
Article 2. The task of preparing the open market business along with related units are responsible to advise the Governor of the State Bank in the construction of the text and make the deployment job to deploy open-market operations as follows.
1. Service credits: The Board of State Bank: a. open market business regulation;
b. Regulation of discount, discount of republished;
c. refinance of the SME regulation for credit institutions;
d. research to proceed to upgrade the interbank market operations;
e. cooperation with the service, Bureau, Department of the State Bank held professional training for officials and experts of State banks and credit institutions.
2. monetary policy: The Bank leadership issued: a. the release and regulation of credit bidding SBV votes;
b. the regulations available capital of the credit institution;
3. Financial-Accounting Services: a. draft text accounting guidelines related to open market operations;
b. financial planning on the operational costs of open market operations;
c. study of perfecting the regulation of clearing.
4. Service Organization, officers and training: the draft and the SBV executives issued the decision formed the Board of the open market operations.
5. Transaction State Bank: a. guide the process of open markets in the services platform, organizations make trading floor;
b. guide the process made credit bidding SBV votes;
c. regulations on the registration of credit slips.
d. coordination with the Department of management and the Department of information technology provides devices for parts page open market; at the same time collaborating with Service credit and the related organization Bureau, training for officials and State Bank and credit institutions.
6. Service legislation: a. legal appraisal of draft legal text on the open market;
b. Help SME leaders in coordination with the relevant State bodies to the Commissions of the National Assembly adopted draft Ordinance negotiable;
c. cooperation with the Service, relevant research Bureau content reported to State Bank leaders about the levels of modification the State Bank Law and the law on credit institutions related professional TTM.
7. the international relations Service: a. plan and the SBV Governor about to invite foreign consultants to the survey organization, learning foreign experience or relevant materials on the open market to business executives and practices on the interbank market.
b. Making contact with international financial institutions (such as the WB or ADB) technical assistance (TA) for the open market.
8. The Bureau of information technology Bank: a. taking comments on draft documents to ensure the technical requirements;
b. improve the computer program performs specialized, technical process instructions for the relevant departments;
c. the same administration, transaction and Service Plan credit demand for computers and computer equipment, communication network for the State Bank to carry out open market operations.
9. The Department of management: a. coordinate with the transaction, credit establishment planned shopping and needs funding costs to ensure the operation of the market, sending financial-accounting Service to report the Governor;
b. the work place layout for industrial parts service market opening in accordance with the requirements of the business processes of open market;
c. the necessary machines for parts made of open market operations as required.
10. credit institutions members of the open market: a. complement, modify the mechanism in the internal capital system to match the clearing operations.
b. computer equipment, network connectivity between the branch and the Headquarters with the central State Bank (open market operations Division).
c. the layout implementation officer of open market operations.
Article 3. This decision takes effect 15 days from the date of signing.
Article 4. Chief of the State Bank, Director of the credit and the heads of the relevant units in the State Bank of Vietnam; Chairman of the Board and General Manager of the credit institution is responsible for the implementation of this decision.