VietnameseDecision No. 241/2000/QD-NHNN1 of August 02, 2000, on the change of operational mechanism of lending interest rates of credit institutions for customers
ATTRIBUTE
Decision No. 241/2000/QD-NHNN1 of August 02, 2000, on the change of operational mechanism of lending interest rates of credit institutions for customers
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 241/2000/QD-NHNN1 | Signer: | Le Duc Thuy |
| Type: | Decision | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 02/08/2000 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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STATE BANK OF VIETNAM ------- | SOCIALIST REPUBLIC OF VIETNAM Independence-freedom-happiness --------- |
No. 241/2000/QD-NHNN1 | Hanoi, August 02nd , 2000 |
DECISION
ON THE CHANGE OF OPERATIONAL MECHANISM OF LENDING INTEREST RATES OF CREDIT INSTITUTIONS FOR CUSTOMERS
THE GOVERNOR OF THE STATE BANK
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries and ministerial-level agencies;
Based on the direction of the Prime Minister stated in the Dispatch No. 322/VPCP-KTTH dated 25 July, 2000 of the Office of the Government on the operation of the interest rates;
Upon the proposal of the Director of the Monetary Policy Department,
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries and ministerial-level agencies;
Based on the direction of the Prime Minister stated in the Dispatch No. 322/VPCP-KTTH dated 25 July, 2000 of the Office of the Government on the operation of the interest rates;
Upon the proposal of the Director of the Monetary Policy Department,
DECIDES
Article 1. To change from the operational mechanism through the maximum lending interest rate (the ceiling rate) to the operational mechanism through the base interest rate for the lending in VND and the market rate mechanism for lending in foreign currency in accordance with detailed provisions stated in following articles:
Article 2. For the lending interest rate in Vietnam Dong:
1. Credit institutions shall determine lending interest rates for customers on the basis for the base interest rate announced by the State Bank of Vietnam in line with the principle that lending interest rates are not in excess of the base interest rate plus the bands provided for by the Governor of the State Bank of Vietnam from time to time.
2. The State Bank shall announce the base interest rate on the basis for reference to commercial lending interest rates for best customers applied by a group of credit institutions which are selected in accordance with the Decision of the Governor of the State Bank from time to time. The base interest rate and the bands shall be announced monthly; when necessary, the State Bank shall timely announce the adjustment.
Article 3. For the lending interest rate in foreign currency:
1. Lending in US$: Credit institutions shall determine the lending interest rate on the principle that the lending interest rate is not in excess of the 3 months US$ interest rate in the Singapore Inter-bank Market (the SIBOR rate) for the short-term lending and the 6 months US$ SIBOR for medium, long-term lending at the time of the lending and within a band provided for by the Governor of the State Bank from time to time.
2. Lending in other foreign currencies: Credit institutions shall determine the lending interest rate on the basis for the international market rate the domestic demand and supply for funds in each foreign currency.
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