Main features
-
Transaction date: the day the
contract is signed
-
Validity date: Spot payment date +
transaction term
-
Forward rate is determined based on
spot rate and differencedifferene between interest rate of bid currency and ask
currency.
-
Forward rate = Spot rate + Forward
point
-
Forward point = (Spot rate *Difference
of interest rate * number of forward days)/360*100.
-
Transaction term: from 3 to 365
days.
Payment
-
Transfer via the Nostro account with
foreign banks or with the Operations Centre of the State Bank of Vietnam.
Distribution
Channel
-
For financial institutions
customers: directly contact Foreign Exchange Dealing Department – Agribank Operations Centre.
Procedure/Technology
-
Forward is carried out by means such
as: Reuters, phone, fax,...
-
Forward transactions with with
financial institutions that have not participated in Reuters system is
conducted by signing contract via Fax, the original contracts sent via EMS.
-
When dealing is completed, Agribank
Operations Centre put the transacted data into the IPCAS system.
-
Chairman of BOD of Agribank
determines the loss limit in fund and foreign exchange trading for Agribank
Operations Centre.
-
Trading limits applying to financial
institutions in each period are determined by General Director of Agribank.