VietnameseOfficial Dispatch No. 854/CV-NHNN1 of September 06, 2000, re use of SIBOR for determination of US$ lending interest rate
ATTRIBUTE
Official Dispatch No. 854/CV-NHNN1 of September 06, 2000, re use of SIBOR for determination of US$ lending interest rate
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 854/CV-NHNN1 | Signer: | Duong Thu Huong |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 06/09/2000 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
For more details, click here.
Download files here.
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency
Effect status: Known
STATE BANK OF VIETNAM ------- | SOCIALIST REPUBLIC OF VIETNAM Independence-freedom-happiness --------- |
No. 854/CV-NHNN1 Re. Use of SIBOR for determination of US$ lending interest rate | Hanoi, September 06th , 2000 |
To: Credit Institutions
On 2 August, 2000, the Governor of the State Bank of Vietnam issued Decision No. 241/2000/QD-NHNN1 on the change of operational mechanism of lending interest rates applied by credit institutions to their customers and Decision No. 243/2000/QD-NHNN1 announcing the bands of the US$ interest rate applied to customers; the State Bank of Vietnam provides hereby guidance on some points relating to the lending interest rate on the Singapore inter-bank market (SIBOR) which shall be used by credit institutions as a basis for their determination of their US$ lending interest rates applied to customers as follows:
1. SIBOR is the interest rate determined by the Singapore Banks Association by 12.00 am (Singapore Time) with reference to inter-bank lending interest rates of several commercial banks that are selected from time to time.
2. SIBOR which shall be applied to US$ loans in Vietnam is the interest rate announced by the Singapore Banks Association after 12.00 am every week day from Monday to Friday, except for Singaporean Holidays that are provided every day by international information service companies such as on the Net.
3. The effective date of the interest rates which are announced shall be in accordance with the internal Rule of the Association, by which the determined interest rate shall be effective on the second business day after the date of determination (for example: a SIBOR which was determined at 12.00 am on 5 September, 2000 is effective on 7 September, 2000). In the event the effective date falls on a Holiday, the effective date shall be the following business day.
4. The basis of interest calculation: the number of days of a year used for the calculation of annual interests shall be 365 days.
5. Credit institutions which use SIBOR provided by information service companies shall provide guidance to their customers in order to have the basis for their agreement on the proper interest rate and keep in file the information of the respective SIBOR together with the signed credit contract, to facilitate the inspection and control over the implementation of the interest rates and the settlement of dispute on interest rates between them and their customers, if any.
FOR THE GOVERNOR OF THE STATE BANK DEPUTY GOVERNOR Duong Thu Huong |
Processing, please wait...
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency
VIETNAMESE DOCUMENTS
Official Dispatch 854/CV-NHNN1 DOC (Word)This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here
ENGLISH DOCUMENTS
Others
Official Dispatch 854/CV-NHNN1 DOC (Word)This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here
* Note: To view documents downloaded from LuatVietnam.vn, please install DOC, DOCX and PDF file readers
For further support, please call 19006192
