Decision No. 1498/2001/QD-NHNN Announces the basic interest rate as the basis for credit institutions to set interest rates on loans in Vietnamese dong for customers.

Pursuant to …;

Announcing the basic interest rate as the basis for credit institutions to set interest rates for loans

in Vietnamese dong to customers

________________________

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 announcing the basic interest rate at 0.60% per month as the basis for credit institutions to set interest rates for loans in Vietnamese dong to customers.

Article 2.

1. This Decision takes effect from December 1, 2001 and replaces the provision on the basic interest rate in Decision No. 1351/2001/QĐ-NHNN dated October 29, 2001 of the Governor of the State Bank of Vietnam on announcing the basic interest rate as the basis for credit institutions to set interest rates for loans in Vietnamese dong to 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 Directors (Directors) of credit institutions are responsible for implementing this Decision.