Decision No. 496/QD-NHNN dated 17 March 2014 of the State Bank of Vietnam on refinancing interest rate, re-discount 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 STATE BANK OF VIETNAM 

Decision No. 496/QD-NHNN dated 17 March 2014 of the State Bank of Vietnamon refinancing interest rate, re-discount 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

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

Pursuant to the Decree No. 156/2013/ND-CP dated 11 November 2013 of the Government, providing for functions, duties, authorities and organizational structure of the State Bank of Vietnam;

With a view to implementing the Resolution No. 01/NQ-CP dated 02 January 2014 of the Government on key solutions for guiding and managing the implementation of socio-economic development plan and state budget estimation of the year 2014;

Upon 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 6.5%/annum.

2. Re-discount interest rate to be of 4.5%/annum.

3. 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 7.5% per annum.

Article 2.This Decision shall come into effect from 18 March 2014 and replace the Decision No. 1073/QD-NHNN dated 10 May 2013 on re-financing 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.

Article 3.Director 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 credit institutions shall be responsible for the implementation of this Decision.

For the Governor of the State Bank of Vietnam

Deputy Governor

Nguyen Dong Tien