Circular No. 03/2010/TT-NHNN dated February 10, 2010 of the State Bank of Vietnam on the maximum interest rate for economic organizations' us dollar deposits at credit institutions

THE STATE BANK OF VIETNAM

Circular No. 03/2010/TT-NHNN of February 10, 2010, on the maximum interest rate for economic organizations’ US dollar deposits at credit institutions

Pursuant to the 1997 Law on the State Bank of Vietnam and the 2003 Law Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;

Pursuant to the 1997 Law on Credit Institutions and the 2004 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

Pursuant to the National Assembly’s Resolution No. 43/2009/NQ-QH12 of November 27, 2009, on questions and answers at the 6th session of the XIIth National Assembly;

Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

The State Bank of Vietnam provides for the maximum interest rate for economic organizations’ US dollar deposits at credit institutions as follows:

Article 1.  The maximum interest rate for US dollar deposits of economic organizations (except credit institutions) at credit institutions is 1%/year.

Article 2.

1. This Circular takes effect on February 11, 2010.

2. Provisions regarding the interest rate for economic organizations’ US dollar deposits at credit institutions under the State Bank Governor’s Decision No. 07/2007/QD-NHNN of February 6, 2007, on the interest rate for legal entities’ US dollar deposits at credit institutions cease to be effective.

3. With regard to the interest rates for economic organizations’ US dollar termed deposits at credit institutions applied before the effective date of this Circular, they shall be applied till the end of the terms agreed upon between credit institutions and economic organizations.

Article 3. The Chief of the Office, the director of the Monetary Policy Department and heads of units under the State Bank of Vietnam, directors of provincial-level branches of the State Bank of Vietnam, and boards of directors and directors general (directors) of credit institutions and economic organizations making deposits at credit institutions shall implement this Circular.-

Governor of the State Bank of Vietnam
NGUYEN VAN GIAU