Decision No. 1349/QD-NHNN 2020 interest rate for required reserves deposits of foreign credit institutions

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 are prescribed 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: 0.05% per annum.

Article 2.This Decision takes effect on August 06, 2020 and replace the Decision No. 421/QD-NHNN dated March 16, 2020 of the Governor of the State Bank of Vietnam on interest rate for deposit of required reserves and deposit of required reserves extension of credit institutions, foreign bank branches in the State Bank of Vietnam.

Article 3.Director of the State Bank’s Office, Director of Monetary Policy Department, Heads of units of the State Bank of Vietnam, General Managers of State Bank s branches in provinces, cities under the Central Government’s management; Chairpersons of Board of Directors, Board of Members and General Directors (Directors) of credit institutions, foreign bank branches shall be responsible for the implementation of this Decision./.