Decision No. 834/2003/QD-NHNN of July 30, 2003, on the adjustment of the maximum interest rate of US$ deposits of legal entities at credit institutions

DECISION

ON THE ADJUSTMENT OF THE MAXIMUM INTEREST RATE OF US$ DEPOSITS OF LEGAL ENTITIES AT CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam and the Law on Credit Institutions dated 12 December, 1997;
- Pursuant to the Decree No. 86/2002/ND-CP dated 5 November, 2002 of the Government on the function, assignment, authority and organizational structure of Ministries, ministerial-level agencies;
- Upon the proposal of the Director of Monetary Policy Department,

DECIDES:

Article 1.

The interest rate of US$ deposits of legal entities at credit institutions shall be as follows:

- The maximum interest rate for demand deposits: 0.1% /annum;

- The maximum interest rate for deposits with terms of up to 6 months: 0.4%/annum;

-The maximum interest rate for deposits with terms of more than 6 months: 0.8%/annum.

Legal entities mentioned in this Article shall include: economic organizations, except for credit institutions; State agencies; armed force units; political organization; socio-political organizations; social organizations; socio-professional organizations; social Funds; charity Funds; other organizations which satisfy conditions provided for in Article 94 of the Civil Code; foreign legal entities operating in Vietnam.

Article 2.This Decision shall be effective from 01 August, 2003 and replace the Decision No. 02/2002/QD-NHNN dated 2 January, 2002 of the Governor of the State Bank on the adjustment of the maximum interest rate of US$ deposits of legal entities at credit institutions.

Article 3.Heads of units of the State Bank, General Managers of the State Bank branches in provinces and cities under the central Governments management; Board of Directors and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.