DECISION

ON THE ANNOUNCEMENT OF THE US$ INTEREST RATE BANDS AS A BASIS FOR THE DETERMINATION BY CREDIT INSTITUTIONS OF LENDING INTEREST RATES FOR CUSTOMERS

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. 15/CP dated 02 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries and ministry-level agencies;
Based on the direction of the Prime Minister stated in the Dispatch No. 322/VPCP-KTTH dated 25 July, 2000 of the Office of the Government on the operation of the interest rates;
Upon the proposal of the Director of the Monetary Policy Department,

DECIDES

Article 1. To announce the interest rate bands as a basis for the determination by credit institutions of lending interest rates in US$ in accordance with provision of the Decision No. 241/2000/QD-NHNN1 dated 2 August, 2000 of the Governor of the State Bank on the change of the operational mechanism of lending interest rate of credit institutions for customers as follows:

1. For short-term lending: 1.0% per annum;

2. For medium & long-term lending: 2.5% per annum.

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Article 3.

1. This Decision shall be effective from 5 August, 2000;

2. Following legal documents shall cease their effectiveness: The Decision No. 309/1998/QD-NHNN1 dated 10 September, 1998 of the Governor of the State Bank on the stipulation of the level of lending interest rate in US$ of credit institutions for legal entities, individuals and interest rates of legal entities deposits in US$ at credit institutions; The Dispatch No. 459/CV-NCKT3 dated 14 September, 1998 of the State Bank on the guidance of the implementation of the Decision No. 309/1998/QD-NHNN1 dated 10 September, 1998; other documents in contrary to the provisions of this Decision.

3. The maximum interest rate of legal entities deposits in US$ at credit institutions shall continue to be subject to the Decision No.306/1999/QD-NHNN1 dated 1 September, 1999 of the Governor of the State Bank.

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

THE GOVERNOR OF THE STATE BANK




Le Duc Thuy