Decision No. 1078/2001/QD-NHNN of the State Bank of Vietnam announces the basic interest rate at 0.65% per month as the basis for credit institutions to set interest rates for loans in Vietnamese dong. This decision takes effect from September 1, 2001, and replaces the previous regulations.
Scope of application
Credit institutions, borrowers using Vietnamese dong
Key points
- Credit institutions → are entitled to set loan interest rates based on the basic interest rate of 0.65% per month.
🌐 Social impact of this document
- Reducing borrowing costs for customers due to the lower basic interest rate compared to the previous regulation.
- May affect the profits of credit institutions if market interest rates are higher than the new basic interest rate.
❓ Frequently asked questions
What is the new basic interest rate?
The new basic interest rate is 0.65% per month.
When does this decision take effect?
This decision takes effect from September 1, 2001.
How does the new basic interest rate replace the old regulation?
Decision No. 1078/2001/QD-NHNN replaces Decision No. 932/2001/QD-NHNN regarding the basic interest rate.
How do credit institutions set interest rates?
Credit institutions set loan interest rates based on the basic interest rate of 0.65% per month.
Full text
Pursuant to …;
Regarding the announcement of the basic interest rate as the basis for credit institutions to determinethe interest rate for loans in Vietnamese dong for customers
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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 No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;
Based on the guidance of the Government in Document No. 03/VPCP-KTTH dated January 15, 2001 regarding the management of the basic interest rate in Vietnamese dong;
Pursuant to the proposal of the Director of the Monetary Policy Department,
Pursuant to …;
Article 1. Now, the basic interest rate announced as the basis for credit institutions to determine the interest rate for loans in Vietnamese dong for customers is 0.65% per month.
Article 2.
1. This Decision takes effect from September 1, 2001, and replaces the provision on the basic interest rate set forth in Article 1 of Decision No. 932/2001/QĐ-NHNN dated July 27, 2001, issued by the Governor of the State Bank of Vietnam regarding the announcement of the basic interest rate as the basis for credit institutions to determine the interest rate for loans in Vietnamese dong for customers.
2. Heads of units under the State Bank of Vietnam, Governors of provincial and municipal branches of the State Bank of Vietnam; Boards of Directors and General Managers (Directors) of credit institutions are responsible for implementing this Decision.
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