Decision No. 545/2003/QD-NHNN of May 29, 2003, on the adjustment of the refinancing interest rate of the State Bank for credit institutions being banks

DECISION

ON THE ADJUSTMENT OF THE REFINANCING INTEREST RATE OF THE STATE BANK FOR CREDIT INSTITUTIONS BEING BANKS

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November, 2002 of the Government on the function, assignment, authority and organizational structure of the ministries and ministerial-level agencies;
- Upon the proposal of the Director of the Monetary Policy Department,

DECIDES

Article 1.To adjust the refinancing interest rate of the State Bank for credit institutions to 6.5% per year.

Article 2.This Decision shall be effective from 01 June, 2003 and supercede the Decision No. 131/2003/QD-NHNN dated 17 February, 2003 of the Governor of the State Bank on the adjustment of the refinancing interest rate of the State Bank for credit institutions being banks.

Article 3.Outstanding refinancing loans of credit institutions to the State Bank by the end of 31 May, 2003 shall still be subject to the loan interest rate stated in the credit contract and shall not be adjusted to the interest rate provided for in the above mentioned Article 1.

Article 4.The Director of the Administration Department, Heads of units of the State Bank of Vietnam, General Managers of the State Bank branches in provinces and cities, Chairman of the Board of Directors and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.