Press release on Circular No. 60/2024/TT-NHNN
On 31 December 2024, the Governor of the State Bank of Vietnam (SBV) issued Circular No. 60/2024/TT-NHNN regulating the treasury services for the credit institutions and the foreign bank branches.
The Circular was issued to provide the legal basis for the commercial banks and the foreign bank branches in providing the treasury services to other credit institutions or foreign bank branches, as well as to provide guidance for the consistent implementation of the operational procedures related to the delivery, storage, and transportation of cash, previous assets, and valuable papers during the process of providing the services, ensuring the security of the assets, and clearly defining the responsibilities of the treasury service provider and the users of the services.
The Circular is composed of 3 Chapters with 15 Articles, including several key provisions as follows:
The scope of application; the subjects of application; the interpretation of terms and terminology; the principles in providing the treasury services; the networks for the treasury services; the treasury service contract; the specific provisions for each type of the treasury services; the service fees; the handling of discrepancies in cash, precious assets, and valuable papers; the responsibilities of the relevant entities under the SBV; the responsibilities of the service providers.
This Circular shall take effect from 14 February 2025.
HP