Decision No. 1048/2004/QĐ-NHNN on interest rates for VND deposits at the State Bank of Vietnam for credit institutions with deposit balances subject to reserve requirements below 500 million VND, grassroots credit funds, and the Social Policy Bank

Pursuant to …; 

Regarding the interest rate on VND deposits at the State Bank of Vietnam for credit organizations with reserve requirement balances under VND 500 million, for basic credit funds, and for the Social Policy Bank
Pursuant to the Law on the State Bank and the Law on Credit Organizations dated December 12, 1997;
Pursuant to Decision No. 582/2003/QD-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam on adjusting the reserve requirement ratio for credit organizations;

GOVERNOR OF THE STATE BANK OF VIETNAM

The interest rate on deposits in Vietnamese dong at the State Bank of Vietnam for credit organizations with reserve requirement balances under VND 500 million, for basic credit funds, and for the Social Policy Bank is 1.2% per annum.
Pursuant to Decree No. 86/2002/ND-CP dated November 5, 2002 of the Government on the functions, tasks, powers, and organizational structure of ministries and ministerial-level agencies;
The Director of the Office, the Inspector General of the State Bank, the Head of the Monetary Policy Department, the Head of the Accounting and Finance Department, the Director of the State Bank's Trading Branch, the Heads of relevant units under the State Bank, the Directors of the State Bank branches in provinces and cities, and the General Managers (Directors) of credit organizations are responsible for implementing this decision.
Pursuant to the proposal of the Director of the Monetary Policy Department,

DECISION:

Article 1. The annual interest rate for Vietnamese dong deposits at the State Bank of Vietnam for credit organizations with deposit balances subject to mandatory reserves below VND 500 million, for People's Credit Funds, and for the Social Policy Bank is 1.2% per annum.

Article 2. This Decision shall take effect from the date of signing.

Article 3. The Director of the Office, the Inspector General of the State Bank, the Head of the Monetary Policy Department, the Head of the Accounting and Finance Department, the Director of the State Bank Trading Department, the Heads of relevant units under the State Bank, the Directors of State Bank branches in provinces and cities, and the General Managers (Directors) of credit organizations are responsible for implementing this decision.