Some new points of Circular 09/2021/TT-NHNN


On 7 July 2021, the State Bank of Vietnam (“SBV”) issued Circular 09/2021/TT-NHNN (“Circular 09”) amending and supplementing a number of articles of Circular  42/2015/TT-NHNN dated 31 December 2015 of the Governor of the State Bank of Vietnam prescribing regulations on open-market operations.

Hereunder are some noteworthy points in Circular 09.

  1. Posted notice of bill sale no later than 13:30 on bidding day

Circular 09 amends and supplements the notice of purchase and sale of valuable papers. Specifically, before each auction of open-market operations, the State Bank (Transaction Office) announces the purchase or sale of valuable papers to members. For the sale (issuance) of SBV bills, in addition to notifying members, the Transaction Office shall publish a notice of sale (issuance) of SBV bills on the SBV’s web portal no later than 13:30 of bidding day.

  1. Supplemented content on bidding method

Circular 09 supplements the content of the bidding method for the sale (issuance) of SBV bills through open-market operations, specifically as follows:

  • SBV shall follow the method of interest rate bidding under normal conditions;
  • SBV shall follow the method of volume bidding in case the State Bank needs to announce the interest rate of SBV bills to achieve monetary policy objectives.

Circular 09 takes effect from 25 August 2021.

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