Decision No. 407/QD-NHNN dated March 12, 2012 of the State Bank of Vietnam on refinancing interest rate, rediscount interest rate, interest rate applicable to overnight loan in the inter-bank electronic payment and applicable to the loan for making up capital deficiency in clearing payment of State Bank of Vietnam for banks

DECISION

ON REFINANCING INTEREST RATE, REDISCOUNT INTEREST RATE, INTEREST RATE APPLICABLE TO OVERNIGHT LOAN IN THE INTER-BANK ELECTRONIC PAYMENT AND APPLICABLE TO THE LOAN FOR MAKING UP CAPITAL DEFICIENCY IN CLEARING PAYMENT OF STATE BANK OF VIETNAM FOR BANKS

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;

- For implementation of the Resolution No.01/NQ-CP dated 03 January of the Government on the major solutions to guide and direct the implementation of the socio-economic development and state budget plan in 2012

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

DECIDES:

Article 1.To announce interest rates of the State Bank of Vietnam as follows:

1. Re-financing interest rate to be of 14.0%/annum.

2. Rediscount interest rate to be of 12.0%/annum

2. Interest rate applicable to overnight loan in the inter-bank electronic payment and applicable to the loan for making up capital deficiency in clearing payment of State Bank of Vietnam for banks to be of 15.0% per annum.

Article 2.This Decision shall be effective from 13 March 2012. Decision No.2210/QD-NHNN of 06 October 2011, on refinancing interest rate, interest rate applicable to overnight loan in the inter-bank electronic payment and applicable to the loan for making up capital deficiency in clearing payment of State Bank of Vietnam for banks and provisions on the rediscount interest rate at the Decision No. 929/QD-NHNN dated 29 April 2011 shall expire.

Article 3.The 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.