The central bank will issue a new circular on foreign exchange services. — Photo dddn.com.vn

HA NOI (Biz Hub) ─ A commercial bank must make profit for five consecutive years before it would be considered for being granted a licence to provide foreign exchange (forex) services.

A draft circular of the State Bank of Viet Nam (SBV) also asked banks to have specific plans for international market activities, as well as regulations on selecting foreign partners and transaction quotas.

It also said that the institutions should get assessed by independent auditors and enforce the security norms in banking activities that are stipulated in the current Vietnamese laws.

The SBV posted the draft on its website on Tuesday for further public discussions. Once the official document is issued, it will replace the central bank's Circular No 03/2008/TT-NHNN, issued in April 2008. ─ VNS