Decision 1349/QD-NHNN 2021 on interest rate for required reserves deposits for foreign bank branches

DECISION

On interest rate for required reserves deposits and deposits in excess of required reserves of credit institutions, foreign bank branches at the State Bank of Vietnam

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THE GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and the Law on Amending and Supplementing a Number of Articles of the Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017 on defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department.

DECIDES:

Article 1. The interest rates applicable to required reserves deposits and deposits in excess of required reserves of credit institutions, foreign bank branches at the State Bank of Vietnam from the period of required reserves maintenance of September 2021 shall be as follows:

1. For required reserves deposits in Vietnam dong: 0.5% per annum.

2. For required reserves deposits in foreign currencies: 0% per annum.

3. For deposits in excess of required reserves in Vietnam dong: 0% per annum.

4. For deposits in excess of required reserves in foreign currencies: 0% per annum.

Article 2. This Decision takes effect on September 01, 2021 and replaces the Decision No. 1349/QD-NHNN dated August 06, 2020 of the Governor of the State Bank of Vietnam on interest rate for required reserves deposits and deposits in excess of required reserves of credit institutions, foreign bank branches at the State Bank of Vietnam.

Article 3. The Chief of the Office, Director of Monetary Policy Department, Heads of units of the State Bank of Vietnam, credit institutions, foreign bank branches shall be responsible for the implementation of this Decision./.

The Governor

Nguyen Thi Hong