Decision No. 3281/QD-NHNN dated December 31, 2008 on the interest rate of deposits exceeding required reserve in foreign currency applicable to credit institutions and interest rate of deposit 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 AND INTEREST RATE OF DEPOSIT 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 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;

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

DECIDES:

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

1. For deposits exceeding the required reserve in foreign currency of credit institutions, the interest rate shall be 0.5%/annum.

2. For deposits in foreign currency of the State Treasury, the interest rate shall be 0.5%/annum.

Article 2. This Decision shall be effective from 01 January 2009. Provisions which become expired include: Provisions on interest rate of deposit exceeding required reserve in foreign currency of credit institutions at the State Bank stipulated in Article 3 of the Decision No.923/QD-NHNN dated 20/7/2004 of the Governor of the State Bank on the interest rate applicable to required reserve deposits of credit institutions; provisions on the interest rate of demand deposits in USD in the Decision No.667/2003/QD-NHNN dated 26/6/2003 of the Governor of the State Bank on the interest rate of demand deposits in USD of credit institutions, the State Treasury at the State Bank.

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