Decision 406/1998/QD-NHNN1 on interest rates on foreign currency deposits of credit institutions and the State Treasury at the State Bank issued by the Governor of the State Bank

DECISION

ON THE INTEREST RATE OF FOREIGN CURRENCY DEPOSITS OF CREDIT INSTITUTIONS AND THE STATE TREASURY AT THE STATE BANK

THE GOVERNOR OF THE STATE BANK

Pursuant to the Law on the State Bank of Vietnam.
Pursuant to Decree No.15CP dated 2 March, 1993 of the Government providing for the assignment, authority and responsibility for State management of the Ministries and ministry-level agencies.
Upon proposal made by the Director of the Monetary Policy Department.

DECIDES

Article 1. Interest rate of foreign currency deposits (except for the reserve requirement) by authorised foreign currency credit institutions and State Treasury at the State Bank shall be as follows:

1. Demand deposit

2. Time Deposit

Article 2.

The interest rates stipulated in Article 1 of this Decision shall be effective from 1 December, 1998, replacing the interest rates provided for in the Decision No.96/1998/QD-NHNN1 dated 13 March, 1998 of the Governor of the State Bank. The balances in the foreign currency demand deposit accounts of the credit institutions and the State Treasury as at the end of the 30 November, 1998 shall be subject to the interest rates provided for in this Decision; the balances on the foreign currency term deposit account are still subject to the current rates until the end of the respective terms.

Article 3.

The Chairmen and Directors General (Directors) of credit institutions, State Treasury, Heads of units of the State Bank Head-office, General Managers of the State Bank Branches in provinces and cities shall be responsible for the enforcement of this Decision.

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