Decision No. 831/2003/QD-NHNN of July 30, 2003, on the adjustment of the required reserve ratios in Vietnam dong of credit institutions

DECISION

ON THE ADJUSTMENT OF THE REQUIRED RESERVE RATIOS IN VIETNAM DONG OF CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam and the Law on the Credit Institutions dated 12 December, 1997;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November, 2002 of the Government on the functions, assignments, authorities 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 required reserve ratio for demand deposits and deposits with term of less than 12 months as follows:

1. For State-owned commercial banks (except for the Agricultural and Rural Development Banks), urban joint-stock commercial banks, joint-venture banks, foreign bank branches, finance companies, the required reserve ratio shall be 2% of the total balance of required reserve deposits.

b. For the Agricultural and Rural Development Bank, the required reserve ratio shall be 1.5% of the total balance of required reserve deposits.

Article 2.This Decision shall be effective as from the maintenance period of August, 2003 and replace Point a, Point b, Paragraph 1, Article 2 of the Decision 582/2003/QD-NHNN dated 9 June, 2003 of the Governor of the State Bank.

Article 3. The Director of the Administration Department, the Chief Inspector of the State Bank, the Director of Monetary Policy Department, the Director of the Finance and Accounting Department, Heads of units of the State Bank, General Managers of State Bank branches in provinces, cities, General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.