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 issued in 1997; the Law on amendment and supplement of several articles of the Law on the State Bank of Vietnam issued in 2003;
- Pursuant to the Law on Credit Institutions issued in 1997; the Law on amendment and supplement of several articles of the Law on Credit Institutions issued in 2004;
- Pursuant to the Decree No. 52/2003/ND-CP dated 19 May 2003 of the Government providing for the function, assignment, authority and organizational structure of the State Bank of Vietnam;
- 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: 0.5%/ annum;

- The maximum interest rate for deposits with the term of up to 6 months: 1.2%/ annum;

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Legal entities mentioned in this Article shall include: economic organizations, except for credit institutions; State agencies; armed force units; political organizations; 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 1 September 2005 and replace the Decision No. 272/2005/QD-NHNN dated 21 March 2005 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. The Director of the Administrative Department, Director of the Monetary Policy Department, Heads of units of the State Bank, General Managers of the State Banks 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.

FOR THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR




Nguyen Dong Tien