Decision No. 1277/2002/QD-NHNN dated November 18, 2002 of the State Bank of Vietnam adjusting the compulsory reserve rate for foreign currency deposits of credit institutions

DECISION

ADJUSTING THE COMPULSORY RESERVE RATE FOR FOREIGN CURRENCY DEPOSITS OF CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

Pursuant to State Bank Law No. 01/1997/QH10 and Credit Institution Law No. 02/1997/QH10 of December 12, 1997;

Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;

At the proposal of the director of the Department for Monetary Policies,

DECIDES:

Article 1.-To adjust the compulsory reserve rate for demand and under-12 month term foreign currency deposits of State-run commercial banks, urban joint-stock commercial banks, rural joint-stock commercial banks, cooperative banks, branches of foreign banks, joint-venture banks, financial companies and the central people’s credit fund to 5% of the total foreign currency deposit balance subject to compulsory reserve.

Article 2.-This Decision shall be applied to calculate the compulsorily reserved amounts as from the compulsory reserve maintenance period of December 2002 and replace Decision No. 270/2002/QD-NHNN of April 1, 2002 of the State Bank Governor.

Article 3.-The director of the Office, the State Bank Chief Inspector, the heads of units under the State Bank, the directors of the State Bank’s provincial/municipal branches, and the general directors (directors) of credit institutions shall have to implement this Decision.