Press release on the issuance of Circular No.37/2018/TT-NHNN
On December 25th 2018, the Governor of the State Bank of Vietnam (SBV) issued Circular No.37/2018/TT-NHNN amending and supplementing Circular No. 39/2013/TT-NHNN regulating the determination, appropriation, management and use of the risk provision of the SBV.
This Circular is issued to address some shortcomings in the process of implementing Circular No. 39/2013/TT-NHNN in classifying risky assets regarding the refinancing, payments to the State and the State Budget, other receivables, the methods of determining the amount of provision to be appropriated for securities investment activities in the international market, continuing to create a premise for a healthy financial situation and safety in the operations of the SBV.
This Circular applies to the entities under the SBV, except for public non-business units, which have implemented the autonomy and self-responsibility regime for the performance of tasks, organizational apparatus, payrolls and finance in accordance with the regulations of the State, and the independent economic accounting enterprises under the SBV.
Circular No.37/2018/TT-NHNN is composed of 3 Articles:
Article 1 amends and supplements a number of Articles of Circular No. 39/2013/TT-NHNN, and is composed of 10 Paragraphs, of which:
Amending the Subjects of application of Circular No. 39/2013/TT-NHNN to be in line with Decree No. 16/2017/ND-CP dated February 17, 2017 issued by the Government defining the functions, tasks, jurisdictions and organizational structure of the SBV (Paragraph 3, Article 1 of Circular No. 39);
Amending the classification of risky assets regarding the refinancing, payments to the State and the State Budget, other receivables, the methods of determining the amount of provision to be appropriated for securities investment activities in the international market (Article 6 of Circular No. 39);
Amending several other substances.
Article 2 and Article 3 are about the responsibilities for the implementation and Enforcement.
This Circular takes effect from February 15, 2019.
Translated by VA