Quyết định 235/1999/QD-NHNN1

DECISION

ON THE ADJUSTMENT OF THE REQUIRED RESERVE RATIOS OF CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

Pursuant to the Law on the State Bank of Vietnam No.01/1997/QH10 and the Law on the Credit Institutions No. 02/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15 CP dated 2 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries, ministry-level agencies;
Upon the proposal of the Director of the Monetary Policy Department,

DECIDES

Article 1. To adjust the required reserve ratios of credit institutions (including VND and foreign currency) as follows:

1. For demand deposits and deposits with terms of less than 12 months of the State-owned commercial banks, urban joint-stock commercial banks, foreign bank branches, Joint-venture banks and Finance Companies: 5% of the total balance of deposits;

2. For demand deposits and deposits with terms of less than 12 months of rural joint-stock commercial banks, cooperative banks, the Central People Credit Fund, regional people credit funds: 1% of the total balance of deposits;

Article 2. This Decision shall prevail the provisions on required reserve ratios stated in paragraphs 1 and 2 Article 1 of the Decision no. 191/QD-NHNN1 dated 31 May, 1999 of the Governor of the State Bank and apply to the calculation of the reserve requirement for the maintenance period of July, 1999.

Article 3. The Director of the Administration Department, the Chief Inspector of the State Bank, Heads of units of the State Bank of Vietnam, General Managers of State Bank branches in provinces, cities, Chairpersons and Directors General (Directors) of credit institutions shall be responsible for the implementation of this Decision.