Decision No. 2209/QD-NHNN dated October 06, 2011 of the State Bank of Vietnam on the interest rate of deposits exceeding required reserve in foreign currency applicable to credit institutions, foreign bank's branches and interest rate of deposits in foreign currency of the State Treasury at the State Bank

DECISION

ON THE INTEREST RATE OF DEPOSITS EXCEEDING REQUIRED RESERVE IN FOREIGN CURRENCY APPLICABLE TO CREDIT INSTITUTIONS, FOREIGN BANK S BRANCHES AND INTEREST RATE OF DEPOSITS IN FOREIGN CURRENCY OF THE STATE TREASURY AT THE STATE BANK

THE GOVERNOR OF THE STATE BANK

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

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;

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

DECIDES:

Article 1.The interest rate applicable to the deposits in foreign currency at the State Bank shall be as follows:

For deposits exceeding the required reserve in foreign currency of credit institutions, foreign bank s branches, the interest rate shall be 0.05%/annum. applicable from the maintenance period of required reserve of October 2011.

For deposits in foreign currency of the State Treasury, the interest rate shall be 0.05%/annum.

Article 2.This Decision shall be effective from 10 October 2011 and replace the Decision No. 790/QD-NHNN dated 03 April 2009 on the interest rate of deposits exceeding required reserve in foreign currency applicable to credit institutions and the interest rate of deposits in foreign currency of the State Treasury at the State Bank.

Article 3.Director of the Administrative Department, 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; Chairman of Board of Directors, Board of Members and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.