The Government has issued Decree No. 16/2017/NĐ-CP defining functions, tasks, rights and organizations of the State Bank of Viet Nam (SBV).
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The Government has issued Decree No. 16/2017/NĐ-CP defining functions, tasks, rights and organizations of the State Bank of Viet Nam (SBV).
Accordingly, the SBV, a ministerial-level agency, is assigned to realize the State management on monetary affairs, banking and foreign currency activities, distribute currencies and provide monetary services for the Government.
The SBV submits law projects, National Assembly and Standing Committee resolution and ordinance drafts, Government decrees, its annual law establishment plans, long-term and annual development plan, action plans of projects and the national key programs under its competence to the Government.
The SBV has to set up the annual inflation criteria to submit to the Government, use tools for launching the national monetary policies, collecting information on domestic and foreign economics, finance, currencies and banking to serve for analyzing and forecasting the currency situations, monitor the national currency policies and announce information about banking as regulated.
It has the rights to grant, amend, supplement and revoke the establishment and organization licenses of credit organizations, branches of foreign banks and representative offices of foreign credit organizations and other banks operating in the banking sector.
It may apply special treatments on credit organizations which seriously violate the regulations on currency and banking, face financial difficulties and threaten the banking system’s safety.
(Source:VGP)
