Decision No. 1058/2002/QĐ-NHNN announces the basic interest rate in Vietnamese Dong at 0.62% per month (7.44% per year), effective from October 1, 2002, replacing previous decisions.
Scope of application
Heads of units under the State Bank, Directors of provincial and centrally-administered city branches of the State Bank; Boards of Directors and General Managers (Directors) of credit organizations.
Key points
- Heads of units under the State Bank, Directors of provincial and centrally-administered city branches of the State Bank; Boards of Directors and General Managers (Directors) of credit organizations shall announce the basic interest rate in Vietnamese Dong at 0.62% per month (7.44% per year).
- This Decision takes effect from October 1, 2002.
- This Decision replaces Decision No. 933/2002/QĐ-NHNN on the basic interest rate issued by the Governor of the State Bank.
🌐 Social impact of this document
- Positive impact: Reduces borrowing costs for individuals and businesses, creating more favorable conditions for financial management.
- Negative impact: May affect the profits of credit organizations if the basic interest rate decreases.
❓ Frequently asked questions
What is the new basic interest rate?
The new basic interest rate is 0.62% per month (7.44% per year).
When does this decision take effect?
This Decision takes effect from October 1, 2002.
Which decision does the new basic interest rate replace?
The new basic interest rate replaces Decision No. 933/2002/QĐ-NHNN on the basic interest rate issued by the Governor of the State Bank.
Who is responsible for implementing this decision?
Heads of units under the State Bank, Directors of provincial and centrally-administered city branches of the State Bank; Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this decision.
For whom is the new basic interest rate applicable?
The new basic interest rate applies to all credit organizations and individuals, businesses when borrowing from the State Bank and credit organizations.
Full text
DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Announce the basic interest rate in Vietnamese Dong
_______________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam and the Law on Credit Organizations dated December 12, 1997;
Pursuant to Decree 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;
Pursuant to the proposal of the Director of the Monetary Policy Department,
DECISION:
Article 1. Now announce the level of the basic interest rate in Vietnamese Dong at 0.62% per month (7.44% per year).
Article 2.
1. This Decision takes effect from October 1, 2002 and replaces Decision No. 933/2002/QĐ-NHNN dated August 30, 2002 on the basic interest rate issued by the Governor of the State Bank of Vietnam.
2. Heads of units under the State Bank of Vietnam, Governors of provincial and centrally-administered city branches of the State Bank of Vietnam; Boards of Directors and General Directors (Directors) of credit organizations are responsible for implementing this Decision./.
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