Decision No. 135/1998/QD-NHNN stipulates the ratio and structure of mandatory reserves for banks and credit institutions. The ratio of mandatory reserves is 10% of the total amount of time deposits under 12 months. This decision takes effect from April 1, 1998, and replaces Decision No. 397/1997/QD-NHNN.
适用范围
Banks, credit institutions
要点
- Banks, credit institutions → must maintain a mandatory reserve ratio of 10% of the total amount of time deposits under 12 months (Article 1).
- Banks, credit institutions → must maintain at least 70% of the total mandatory reserve funds deposited in non-interest-bearing accounts at the State Bank of Vietnam (Article 2.1), with a maximum of 30% being cash and negotiable instruments still within their payment period (Article 2.2).
- Banks, credit institutions → shall receive an interest rate of 0.2% per month for excess mandatory reserves in Vietnamese dong, and the current applicable foreign currency deposit interest rate as prescribed by the Governor of the State Bank of Vietnam for foreign currency deposits (Article 3).
- Banks, credit institutions → shall be fined at 200% of the rediscount lending interest rate of the State Bank of Vietnam if they fail to meet the mandatory reserve requirement in Vietnamese dong, and 200% of the ceiling lending interest rate in US dollars for economic organizations if they fail to meet the mandatory reserve requirement in foreign currencies (Article 4).
- Rural Commercial Joint Stock Banks → are exempted from the mandatory reserve requirement (Article 5).
🌐 本文件的社会影响
- Positive impact: Helps banks and credit institutions maintain financial stability and support business operations.
- Negative impact: The cost burden of penalty interest rates for mandatory reserves may increase the financial burden on banks and credit institutions.
❓ 常见问题
What is the ratio of mandatory reserves?
The ratio of mandatory reserves is 10% of the total amount of time deposits under 12 months (Article 1).
What interest rate do banks and credit institutions receive for excess mandatory reserves?
Banks and credit institutions receive an interest rate of 0.2% per month for excess mandatory reserves in Vietnamese dong, and the current applicable foreign currency deposit interest rate as prescribed by the Governor of the State Bank of Vietnam for foreign currency deposits (Article 3).
What penalties do banks and credit institutions face if they fail to meet the mandatory reserve requirement?
Banks and credit institutions shall be fined at 200% of the rediscount lending interest rate of the State Bank of Vietnam if they fail to meet the mandatory reserve requirement in Vietnamese dong, and 200% of the ceiling lending interest rate in US dollars for economic organizations if they fail to meet the mandatory reserve requirement in foreign currencies (Article 4).
Which banks are exempted from the mandatory reserve requirement?
Rural Commercial Joint Stock Banks are exempted from the mandatory reserve requirement (Article 5).
When does this decision take effect?
This decision takes effect from April 1, 1998, and applies to the maintenance of mandatory reserves for the month of April 1998 (Article 6).
全文
Pursuant to …;
On the ratio and structure of mandatory reserves for banks and credit organizations
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Government Organization Law dated September 30, 1992;
Pursuant to the Ordinance on the State Bank of Vietnam and the Ordinance on Banks, Credit Cooperatives and Finance Companies promulgated by Decree No. 37/LCT-HĐNN8 and Decree No. 38/LCT-HĐNN8 dated May 24, 1990 of the Chairman of the Council of Ministers of the Socialist Republic of Vietnam;
Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities of state management of ministries and ministerial-level agencies;
At the proposal of the Director of the Economic Research Department:
DECISION:
Article 1. The ratio of mandatory reserves for banks and credit organizations is 10% of the total amount of deposits specified in Article 11 of the Regulation on Mandatory Reserves for Banks and Credit Organizations issued together with Decision No. 396/1997/QĐ-NHNN1 dated December 1, 1997 of the Governor of the State Bank of Vietnam. Time deposits subject to mandatory reserves are those with terms under 12 months.
Article 2. The structure of mandatory reserve funds includes demand deposits at the State Bank of Vietnam and cash and banknotes still within their payment period kept in the vaults of banks and credit organizations:
2.1. The mandatory reserve funds of banks and credit organizations deposited in demand deposit accounts at the State Bank of Vietnam must be at least 70% of the total mandatory reserve funds of the banks and credit organizations.
2.2. Cash and banknotes still within their payment period kept in the vaults of banks and credit organizations may be counted as mandatory reserve funds up to a maximum of 30% of the total mandatory reserve funds of the banks and credit organizations. In cases where the average actual cash and banknotes still within their payment period kept in the vaults of banks and credit organizations exceed 30% of the mandatory reserve funds, only 30% will be counted. If the average actual cash and banknotes still within their payment period kept in the vaults of banks and credit organizations are less than 30% of the mandatory reserve funds, the actual amount will be counted, and the shortfall must be correspondingly increased and deposited in the mandatory reserve fund account at the State Bank of Vietnam.
Article 3. The State Bank of Vietnam pays interest on the portion of mandatory reserve funds of banks and credit organizations deposited in demand deposit accounts at the State Bank of Vietnam as follows:
For VND deposits: at 0.2% per month. For foreign currency deposits: at the interest rate for non-interest-bearing foreign currency deposits currently stipulated by the Governor of the State Bank of Vietnam for foreign currency deposits of credit organizations at the State Bank of Vietnam.
Article 4. The State Bank of Vietnam imposes penalties on the shortfall of mandatory reserve funds of banks and credit organizations during the reserve maintenance period as follows:
For the shortfall of mandatory reserve funds in VND during the maintenance period, the penalty rate is 200% of the rediscount rate published by the State Bank of Vietnam for each period, calculated on the entire shortfall for the maintenance period. For the shortfall of mandatory reserve funds in foreign currencies during the maintenance period, the penalty rate is 200% of the ceiling lending rate in US dollars for economic organizations stipulated by the Governor of the State Bank of Vietnam for each period, calculated on the entire shortfall for the maintenance period.
Article 5. Commercial joint-stock rural banks are exempt from maintaining mandatory reserves.
Article 6. This Decision takes effect from April 1, 1998 and applies to calculate the mandatory reserve maintenance period for April 1998. This Decision replaces Decision No. 397/1997/QĐ-NHNN1 dated December 1, 1997 of the Governor of the State Bank of Vietnam.
Article 7. The Chief of the Governor's Office, the Inspector General, Heads of units under the Central State Bank, Governors of Provincial and Municipal Branches of the State Bank of Vietnam, General Directors (Directors) of banks and credit organizations are responsible for implementing this Decision.
DEPUTY DIRECTOR
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