Decision No. 1972/QD-NHNN dated August 31, 2011 of the State Bank of Vietnam on the required reserve ratio applicable to credit institutions with regard to foreign currency deposits of overseas credit institutions

DECISION

ON THE REQUIRED RESERVE RATIO APPLICABLE TO CREDIT INSTITUTIONS WITH REGARD TO FOREIGN CURRENCY DEPOSITS OF OVERSEAS CREDIT INSTITUTIONS

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GOVERNOR OF THE STATE BANK

Pursuant to the Law on the State Bank of Vietnam issued in 2010;

Pursuant to the Law on the Credit Institutions issued in 2010;

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

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

DECIDES:

Article 1.The required reserve ratio applicable to credit institutions with regard to foreign currency deposits of overseas credit institutions shall be 1% over the deposit balance subject to required reserve.

Article 2.This Decision shall be effective for implementation of the required reserve maintenance period from September 2011.

Article 3.Director of the Administrative Department, Director of Monetary Policy Department, Heads of units of the State Bank, Managers of State Bank s branches in provinces, cities under the central Government s management, General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.