Nghiệp vụ hoán đổi ngoại hối với việc điều tiết vốn khả dụng

/ ~q , /\ ~ A NGRIEP VUROAN DOlNGOAI TE , /\ /\\ K , VOl VIEeDIEUTIETVONKIIA DUNG /\' Nghl'p vy ho6n ctdlng091 ThS Le Th! ThinNghia * hang Trunguang (NHTU)va cac dl,!ngma NHTU phai cungcapeho cac NHTM Cac ho~t d9ngnaybao gom: Phat hanh giay to cogiangan cOngxuat phat tlt nhu d3Utien gUi h~mtren th! truong sa cap nhl1tin cua cac ngan hang t~iNHTUva ton phieu NHTUho~c giayto cogi~eua quitien m~t.Cungcap van kha dl,!ng Chinh phu; Mua ban h~n trenthi cho cac ngan hang duc;1ctht,J'chi$n tr/long thti cap; Gtli ti~n, chovay qua nghi$p vI,!tai cap van va cac tren thi tr/long lien nganhang;Mua ho~t d9ng cua th!truongtien t$ ban I?icac chungtlt cogia baagom Trong nhllng nam gan day, mua I~i co ki h~n (repo) lamtang NHTUcac nuac thuongit sli dung van kha dl,!ng,ban I~i(reverserepo) ngan hang khac Van kha dl,!ngton t~i duai Sac h~n~}hu~:tien glii ~~i N,H:~ (g?m ca !Ie~ glti~han~,toa~ v~ tlen gl1ldt,J'tru bat bU9C),ton qUI tiemm~t Moi quan h$ gilla NHTU va NHTMt~o nhu cau van kha dl,!ng cong cu tai cap van d~ quan Iyvan kha dl,!ngma thay vao dola cac ho~t d9ng th! truong tien t$ vi$c da d~ng hoa ho~t d9ng cac thj truong tai chinhva tu hoa lai suat Cac ho~t d9ng th!'truongtien t$ t~o cho NHTUkha nang dt,J'doan van kha t' valvlfcctIIutlit venkhadyng tUGngan hang th"cmg m~d Van kha dl,!ngla m9t b9 ph~n nguon van san sang d~ tht,J'chi$n cac nghia vI,!tai chinh cua ngan hang thuang m~i (NHTM)nhu: cap tindl,!ng,thanh toan va tra nc;1 doivai cac to chuc phi ngan hang, Ngan ' ' ' ' ngan hang Nhu cau von kha d I,!ng Bang 1: Khai quat hO'litdQngth! trU'CJng Mua bim I'lii titi san nQi t Ten nU'CJc ' And9 In donexia Hm quoc Swap hoi doai Brazil Chile Colombia Mehico Peru Israel Balan Arp XMt Nam phi Giao d!ch trim th! trU'CJng Ban I'lii * I'lii * * * * * * * * * * * * * * * * * * * * * * * * * * * * * hn tCJco gia ngn h'lln lien ngan hang * * * * * * * * * * * * * * * * * * * Nga Phat hanh giay Mua Malayxia Singapore Thai Ian Mua ban * * * * * *" * * Nguon: Jozef Van't dack (1998), "Implementing monetary in emerging market economies: an overview of issues", Bis policy paper 14 giam van kha dl,!ngva hoanao; ngo?i t~ (swap - h6i daai) Bang giai thi$u tom tat kinh nghi$mvi$c sli dl,!ng cac hO'iltd9ng th! truongcua 16nuacth!trudngmoi noi duc;1ckhao sat Cac conge~ duc;1c sli dl,!ngr{mg rai nhatla mua (repos) n9i t$, sau la swaphoi doai, phat hanh giay to co gia va giao d!ch d th! truong cap hai cGng co m(>tv! tri nhat d!nh 5t,J'canthi~p trt,J'ctiep tren th! truClnglien ngan hang da trd nen khong thl1ang xuyen Vi$c sli dl,!ngket hc;1P cac cong cl,! phI,!thu(>cvao cac yeu to nhl1 chi phi giao d!ch kha nangmuaban giay tClco gia tren thj truong,tinh long cua cac giay to co gia, tinhdeu d~n hay khong deu d~n cua cae nghi$pvl,! NHTUcac nuacthl1ang sli dl,!ngm9t ho~c hai cong Cl,ld~ th~ hi$ntin hi$u cua th! truClngvaSl1 dl,!ngcac cong CI,Ikhac nhaud~chi cac tr~ng thai khac Ch~ng h~n d Mexico,repo la ho~td9ngchu yeu va duc;1C tht,J'chi$n hang vao bu6i trua nham dam bao nhu cau van kha dl,!ngdt,J'bao Vi$c bu dap nhling sai I$chvan kha dl,lngd~ bao duc;1c tht,J'chi$n thong qua hO'ilt d(>ngban dau gia cac khoanchovay va tien glii N,HTU.Tuang tt,J',Ngan hang dt,J'trll An £>(> da sli dl,!ngr(>ng rai cac lo~i cong Cl,!khac d~ H9C vi$n Ngan hang T~ art NGANIlhNG - s6 NAM 2004: /' ~ E dapltng nhucauvonkha dl;!ng cua cacthanh vien thi truang NHTV HanQuocsU'dl;!ngcacgiaodjchhai chieude giai quyet tirih tr~ng thl1a ho~cthieu dl! trli cua NHTM t~m thi1i trongkhisU'dl;!ngcac giao dich muabim h~n chUng khoan Chlnh phuva phat hanh giay ta co gia cua NHTLJ de bu dap Slfmat can doi Cd cauvan kha dl;!ng.Singaporevdi th! lientruangngan hang va th! truang hoidoaipMt trien thuang xuyen sU' dyngnhling cong cl;! lien quan den hoidoaiva nhling can thi$p deu d~~ vaoth! truang lien ngan hang a Indonesia,cac ho~t d(mg mua ban Iranennang d(mg hdn cac ho~t d9ngdau gia chUngtl1co gia tren th! trLlC1ng tien t$ b! dinh chi tinh Ir~ngr~i lo~n nhling nam 1997 1998 a Brazil, sl! Ian r(mg anh hLlangcua khung hoang chau A va CHLBNga bu(>cNHTV chi d~o ho~t d9ng repo de cung cap von kha dyngcho h$ thong ngan hang (ma rathiem sU'dl;!ngtrong Unh tr~ng binhthuang) ! I Swap hoi Goai tUdng tI! nhu nghi$pvl;! muabanI~i nhLtngbang ngo~i t$ Von kha dl;!ngco the tang bai mua ngo~i t$ ket h9P vdi m(>tho~t d(>ngban co ki h~n va co the giam bang cach ban trao va mua co ki h~n Khi th! truang nudckhong sau sac nhLtngthj truang hoi doai I~i rat linh d(>ng, NHTV co the khuyenkhlch swap hoi doai cho ml;!cdlch quan Iy von kha dl;!ng Ho~t d(>ng co the d~t dU9Ctlnh hi$uqua cua congcl;!repo ma khonganh huangtrl!Ctiep den ty gia trao nhu ho~t d(>ng hoi doai mua ban h~n Dong thai nhu cau phat trien thi truang ngo~i hoi cOngla m(>tnguyen nhan quan trc;mgcho moi quan tam cua NHTV vi$c sU'dl;!ngswap hoi doaL Ho?t GQngmua ban I?i da tra IMnh m(>t cong cl;! chu yeu cua nhieunudc So vdi ho~t d(>ngmua bimdUt,repo co nhieuLtudiem: Tha nMt, no khong yeu cau m(>tth! truang chUng khoan co tlnh long cao, chung chi co m(>tanh huang tn,fc tiep vao gia chung khoan, khonglien quan den thai h~n I~i cua chung khoan vdi ma lien quan denthai h~n mua I~L Tha hai, repo tiet ki$m dU9cchi phi chila dieu chinh dl! trli t~m thai, chi thl!c hi$n m(>tnghi$p Vl;! thay cho hai ho~t d(>ngmua ban h~n Tha ba, ho~t d(>ngrepo dl!a tren sl! tieu chuan hoa cac h9P dong chUngkhoan cd ban.Noi chung nhling chung khoan Cdban la nhling chUngkhoantrong nudcco lai suat co dinh nhu giay ta co gia cua chlnh phu Cuoi cung, repothuang dU9cua chu(>ngvi hi$u qua cua no vi$c phat tin hi$u the hi$nthai d(>cua NHTVdoi vdi th! truang m(>tcach ro rang Tin hi$u cOngco the dU9Cdua bai sl! thay doi dieu ki$n cd ban cua repo, VI dl;! bang vi$c cho phep cac vien mdi tham gia, tang ho~cgiam nhling tai sancamco Cdbanho~cthay doi Tuy nhien, lien quan den ngo~i t$, sU'dl;!ngnghi$p vl;!nay de quan Iy van kha dl;!ng co the xuat hien mot so loai rui ro: Tha nhat, ngo~it$ co the thay doi gia tri bat nga Khi dong n(>it$ b! sUc ep giam gia va dl/ trlJ cua cac ngan hang thap, NHTV sU'dl;!ng swap hoi doai de can thi$p m~nh vao thi truang(bantrao ngay,mua co ki h~n ngo~i t$) de lam giam ty gia trao ngay,NHTV sa co the sa ch!u10Idn mua I~i bai sl/ bien d(>ng~ua ty gia Tha hai, thi truangco ki h~n khong du sau sac de t~o gia thi truang chung cho swap hoi doai, NHTV co the bu(>cphai tl/ xac d!nh ty gia swaphoi doaLDieu khong chi co m(>thi$u Ungthong bao anh huang den ty gia trao theo xu hUdng cua diem swap ma NHTV co the ch!u 10 Cuoi cung, NHTV co the co sl/ II/a chQnrat h~n che cac vien ho~t d(>ngswap vi chi co m(>tso It cac ngan hang Idn dU9c ho~t d(>ng th! truang ngo~i hoL M~c du swap dU9c sU' dl;!ng a nhieu nudc nhLtngchung chi dlf9C sU'dl;!ngthuang xuyen bai m(>tso nudCnhu Singapore, ndi th! truang ngo~i hoi rat phat trien Thuy'STndi co b(>ithu ngan sach (ho~c b(>ichi It), ngan hang nam giiJchUngkhoan cho den h~n da h~n.che sl/ ph~t trien cua ho~td(>ngth! truangmo a phan Idn cac nUdc, swap dU9c sU' nguyentacdauthau dl;!ng khong thuang TAD C'Hi ),Ir A),IH,hl~ - ~ '" \.Thl nrV"H xuyen " va chi nhling truang h9P d~c b Swap hoi doai dU9csU'dl;!ngla r cong cl;! quan trQng Thai L Ngan hang Indonesiagan day the bao cong cl;!swap d~c bi$t de gi, rui ro tien t$ cho nguaixuat khau de,cung cap von kha d~ng G ngan h~n cho th! truang A R Xeut, swap dU9c sU'dl;!ngde cu cap von kha dl;!ngkhan cap tro cu(>c khung hoang Nam P "swap tien t$ d~c bi$t" dU9c kl I tllng Ian vdi cac ngan hang Colombia, swap hoi doai co the a a a dl;!ngkhicoquyetd!nhcua h(>i thong doc tinh tr~ng d~c bi~ slt dyng nghl'p vy SWI hOI cto61 GVI,t Nam Vi$c dl/ bao va quan Iy van kl dl;!ng dU9c Ngan hang Nha n~ (NHNN) Vi$t Nam d~t va thl hi$n tl1 nam 1997 theo tu van ci IMF Hi$n ho~t d(>ngnay du( thl/c hi$n theo qui che quan Iy vc kha dl;!ngban hanh kem theo Quy d!nh so 37/2000/QD-NHNN1 ngi 24 thang nam 2000 cua Thor doc NHNN Theo qui che nay, vc kha dl;!ngla so tien gU'icua CaG1 chUctin dl;!ng(bao gom tien glti d trli bat bu(>c,tien glti toan v cac lo~itien glti khac)dU9Cgltiti NHNN Quan Iy van kha dl;!ng I viec kiem soat cua NHNNdoi vdi s th~y doi tien gU'icua cac to chuGtf dl;!ng t~iNHNNvathongquavi$cs dl;!ng cac cong cl;! cua chlnh sac tien t$ de tac d(>ngvao kha nan toan cua cac to chuc tin dl;!n nham d~t dU9Ccac ml;!Ctieu cu, CSTT quoc gia tllng thai ky Nghi$pvl;! quan Iyvan kha dl;!n! bao gom:To chucthu th~pva 111I thong tin lien quan den van kh, dl;!ng cua cac to chuc tin dl;!ng tron! tllng thai ky; Phan tlch va dl/ bao S\ thay doi von kha dl;!ng cua CaGti chuc tin dl;!ng tllng thai ky; Xa< d!nh muc von kha dl;!ng can tr cua cac to chuc tin dl;!ng; DI! doar cac dien bien tien t$ thai giar gili tdi va Um nguyen nhan de NHNN cc cac bi$n phap de dieu hanh CSTT Vl;! Chlnh sach tien t$ dl/ bao von kha dl;!ngdl/a tren CdSOxac d!nhsl;! thay doi cua cac nhan to anh hubng den van kha dl;!ngbao gom: ngo~i t$ "~y qui VND; tai d~p van; tien m~t;tien glti Chfnhphu rang va cac khoim khac Vi$c dl! bao VKDdU9c can cu vao so li$u I!ch Slt c6 dieu chinh va phan Uch cac nhan to imh huang den cung cau van kha dyng ky d~ dUa dl! bao B~ dieu tiet van kha dyng, NHNN Vi$t Nam da Slt dyng cac cong cy tai cap van, phat hanh tfn phieu NHNN,dau thau Unphieu kho b~c, nghi$p vy th! trUngthi truang md ngaycangchiem LlU the, hghi~p vI,!swapngo~it~ co the rai bo "vat tro I!ch slt" cua no