Decision No. 418/QD-NHNN 2020 refinancing interest rate in inter-bank electronic payment

DECISION

On the refinancing interest rate, rediscount interest rate, overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for other banks

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THE GOVERNOR OF THE STATE BANK OF VIETNAM

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

Pursuant to the Government s Decree No. 16/2017/ND-CP dated February 17, 2017 on defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

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

DECIDES

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

1. The refinancing interest rate: 5.0%/year.

2. The rediscount interest rate: 3.5%/year.

3. The overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for other banks: 6.0%/year.

Article 2.This Decision takes effect on March 17, 2020 and replaces the Decision No. 1870/QD-NHNN dated September 12, 2019 of the Governor of the State Bank of Vietnam on the refinancing interest rate, rediscount interest rate, overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for other banks.

Article 3.The Chief of the State Bank’s Office, 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; Chairpersons of Board of Directors, Board of Members and General Directors (Directors) of foreign organizations shall be responsible for the implementation of this Decision./.