As in former regulations, foreign exchange agents are not allowed to exchange foreign currency cash for Vietnam dong, then in accordance with this Circular, foreign exchange agents are not allowed to exchange foreign currency cash for other foreign currencies either. Now, these agents are only allowed to exchange Vietnam dong for individual’s foreign currency cash. Foreign exchange agents located at isolated areas of international checkpoints are allowed to exchange foreign currency cash for Vietnam dong with individuals having passports granted by competent authorities of their countries.
These contents are prescribed in Circular No. 11/2016/TT- NHNN dated June 29, 2016 of the State Bank of Vietnam amending a number of legislative documents on provision of foreign currency payment services, and activities of foreign exchange agents and foreign exchange desks, which takes effect on August 13, 2016.
Especially, this Circular rejected the provision “an organization may act as a foreign exchange agent for only one credit institution and may reach agreement on the locations of foreign exchange agents at one or several places in the locality where it is headquartered or has a branch” specified in Decision No. 21/2008/QD-NHNN.
Also in accordance with this Circular, foreign exchange agents granted the foreign exchange agent registration certificate by August 13, 2016 are entitled to continue running foreign exchange services on the behalf of the authorizing credit institution under the existing foreign exchange agent registration certificate, unless the agency agreement signed between the economic group and credit institution expires or is early terminated by August 13, 2016.
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