HCMC inspects authorized foreign exchange agents

The State Bank of Vietnam-Ho Chi Minh City Branch (SBV-HCMC) has urged commercial banks to conduct inspections of their authorized foreign exchange agents and submit reports on the findings to the SBV-HCMC no later than June 15, 2024.


On May 8, the SBV-HCMC issued a letter requesting commercial banks and branches of foreign banks authorized to engage in foreign exchange activities within the city to conduct inspections of the authorized foreign exchange agents appointed by commercial banks.

Accordingly, commercial banks are required to inspect their authorized foreign exchange agents, covering compliance with legal regulations, adherence to foreign exchange agency contracts, identification of any existing limitations or misconduct, and the outcomes of any corrective actions taken.

The SBV has urged commercial banks to conduct these inspections on authorized foreign exchange agents appointed by banks to ensure compliance with regulations governing foreign currency transactions and the appropriate use of foreign currency, thus contributing to promoting the development of production and business activities, import-export, tourism, and services.

Simultaneously, commercial banks authorized to delegate foreign exchange agents must strictly adhere to all legal regulations regarding the delegation of authority to economic organizations to ensure that the appointed agents comply with legal requirements, adhere to contracts, and play a crucial role in stabilizing foreign exchange rates, the foreign exchange market, and socio-economic development.

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