Decision No. 1681/QD-NHNN dated July 17, 2009 of the State Bank on the interest rate applicable to required reserve deposit in Vietnam dong of credit institutions

DECISION

ON THE INTEREST RATE APPLICABLE TO REQUIRED RESERVE DEPOSIT IN VIETNAM DONG OF CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

-        Pursuant to the Law on the State Bank of Vietnam in 1997; the Law on the amendment, supplement of several Articles of the Law on the State Bank of Vietnam in 2003;

-        Pursuant to the Decree No. 96/2008/ND-CP dated 26 August 2008 of the Government, providing for functions, duties, authorities and organizational structure of the State Bank of Vietnam;

-        Pursuant to guideline of Prime Minister at the Official Letter No. 686/VPCP-KTTH dated 14 July 2009 of the Government’s Office on the adjustment of interest rate applicable to required reserve deposit in Vietnamese Dong;

-        Upon the proposal of the Director of the Monetary Policy Department,

Decides:

Article 1.

To provide for the interest rate applicable to required reserve deposit in Vietnam Dong of credit institutions to be of 1.2% per annum.

Article 2.

This Decision shall be effective from 01 August 2009 and replace the Decision No. 1742/QD-NHNN dated 23 January 2009 of the Governor of the State Bank on the interest rate applicable to required reserve deposit in Vietnamese Dong of credit institutions.

Article 3.

The Director of the Administrative Department, the Director of the Monetary and Policy Department and Heads of units of the State Bank of Vietnam, General Managers of the State Bank branches in provinces, cities under the central Government's management, Board of Directors and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.