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. 15/CP of the Government dated 3 February, 1993 on the assignment, authority and responsibility for the State management of Ministries, ministry-level agencies;
Upon proposal of the Director of the 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: 0.5% /annum;

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- The maximum interest rate for deposits with terms of more than 6 months: 3.0%/annum.

Legal entities mentioned in this Article shall include: economic organisations, insurance companies (except for credit institutions); State agencies, arm force units, political organisation, socio-political organisations, social organisations, socio-professional organisations, social Funds, charity Funds, other organisations which satisfy conditions provided for in Article 94 of the Civil Code.

Article 2.

The maximum interest rates of US$ deposits of legal entities at credit institutions provided for in this Decision shall be effective since 4 September, 1999.

Previous provisions on the maximum interest rate of US$ deposits of legal entities at credit institutions in contrary to the provision of this Decision shall cease their effectiveness.

Article 3.

Heads of Departments in the State Bank - Head office, General Managers of State Bank branches in provinces and cities; Chairpersons and Directors General (Directors) of credit institutions and their customers shall be responsible for the implementation of this Decision.

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