Quyết định 422/QD-NHNN

DECISION

PRESCRIBING INTEREST RATES OF DEPOSITS IN VIETNAM DONG MADE BY VIETNAM DEVELOPMENT BANK, VIETNAM BANK FOR SOCIAL POLICIES, PEOPLE’S CREDIT FUNDS AND MICROFINANCE INSTITUTIONS AT THE STATE BANK OF VIETNAM

THE GOVERNOR OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

- Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010 and the Law No. 17/2017/QH14 dated November 20, 2017 providing amendments to the Law on credit institutions;

- Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017 defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

- At the request of the Director of the Monetary Policy Department;

HEREBY DECIDES

Article 1. Interest rates of deposits in Vietnam Dong made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam are as follows:

1. The interest rate of deposits made by Vietnam Development Bank: 1.0%/year.

2. The interest rate of deposits made by Vietnam Bank for Social Policies: 1.0%/year.

3. The interest rate of deposits made by people’s credit funds: 1.0%/year.

4. The interest rate of deposits made by microfinance institutions: 1.0%/year.

Article 2. This Decision comes into force from March 17, 2020 and supersedes the Decision No. 2498/QD-NHNN dated November 29, 2019 of the Governor of the State Bank of Vietnam prescribing interest rates of deposits in Vietnam Dong made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam.

Article 3. Chief of the Ministry’s Office, the Director of the Monetary Policy Department, Heads of units affiliated to the State Bank of Vietnam, Directors of branches of the State Bank of Vietnam in provinces and central-affiliated cities, Chairpersons of the Boards of Directors, Chairpersons of the Boards of Members and General Directors (Directors) of Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions shall implement this Decision./.