Decision No. 422/QD-NHNN 2020 interest rates applicable to VND deposits of the Vietnam Development Bank

DECISION

On the interest rates applicable to VND deposits of Vietnam Dong of the Vietnam Development Bank, Vietnam Bank for Social Policies, People s Credit Funds and Microfinance institutions at the State Bank of Vietnam

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THE GOVERNOR OF THE STATE BANK OF VIETNAM

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

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and the Law on amending and supplementing a number of Articles of the Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017;

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.The interest rates applicable to VND deposits of Vietnam Dong of the Vietnam Development Bank, Vietnam Bank for Social Policies, People s Credit Funds and Microfinance institutions at the State Bank of Vietnam shall be as follows:

1.     For the deposits of the Vietnam Development Bank: 1.0%/year.

2.      For the deposits of the Vietnam Bank for Social Policies: 1.0%/year.

3.      For the deposits of People’s credit funds: 1.0%/year.

4.      For the deposits of Microfinance institutions: 1.0%/year.

Article 2.This Decision takes effect on March 17, 2020 and replaces the Decision No. 2498/QD-NHNN dated November 29, 2019 of the Governor of the State Bank of Vietnam on the interest rates applicable to VND deposits of Vietnam Dong of the Vietnam Development Bank, Vietnam Bank for Social Policies, People s Credit Funds and Microfinance institutions at the State Bank of Vietnam.

Article 3.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; Chairman of Board of Directors, Board of Members and General Directors (Directors) of the Vietnam Development Bank, Vietnam Bank for Social Policies, People s Credit Funds and Microfinance institutions shall be responsible for the implementation of this Decision./.