Pursuant to Decision No. 190/1999/QĐ-NHNN, the rediscount rate of the State Bank of Vietnam for credit institutions shall be adjusted to 0.85% per month from June 1, 1999. The new interest rate shall apply to outstanding rediscount loans as of the end of May 1999 starting from June 1, 1999.
Scope of application
State Bank of Vietnam, credit institutions (including commercial banks designated to provide loans for the purchase of temporary storage rice in 1999).
Key points
- Credit institutions shall apply the rediscount rate of 0.85% per month from June 1, 1999.
- The balance of outstanding rediscount loans as of the end of May 1999 of credit institutions shall apply the new interest rate from June 1, 1999.
🌐 Social impact of this document
- Positive impact: Reducing borrowing costs for credit institutions, thereby helping to lower lending rates for customers.
- Negative impact: Increasing financial pressure on the State Bank of Vietnam due to higher interest payments compared to before.
❓ Frequently asked questions
What is the new rediscount rate?
The new rediscount rate has been adjusted to 0.85% per month from June 1, 1999.
When will the new interest rate apply to outstanding rediscount loans as of the end of May 1999?
The new interest rate shall apply to outstanding rediscount loans as of the end of May 1999 starting from June 1, 1999.
When does this decision come into effect?
This decision comes into effect from June 1, 1999.
Which previous decision does this decision replace?
This decision replaces Decision No. 41/1999/QĐ-NHNN dated February 1, 1999 and Decision No. 69/1999/QĐ-NHNN dated February 27, 1999 of the Governor of the State Bank of Vietnam.
What purpose do credit institutions borrow rediscount funds from the State Bank of Vietnam for?
Credit institutions borrow rediscount funds from the State Bank of Vietnam to provide loans for the purchase of temporary storage rice for export in 1999.
Full text
| STATE BANK OF VIETNAM |
SOCIALIST REPUBLIC OF VIET NAM
Independence – Freedom – Happiness
|
Number: 190/1999/QĐ-NHNN1 |
Hanoi, May 29, 1999 |
DECISION
Regarding the adjustment of rediscount interest rates
of the State Bank of Vietnam for credit institutions
______________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 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;
Pursuant to the proposal of the Director of the Monetary Policy Department,
Pursuant to …;
Article 1:Now, the rediscount interest rate of the State Bank of Vietnam for credit institutions is adjusted to 0.85% per month.
Article 2:The outstanding balance of rediscount loans of credit institutions as of May 31, 1999 (including the outstanding balance of commercial banks designated to lend for purchasing temporary storage rice in 1999) at the State Bank of Vietnam shall be subject to the interest rate prescribed in Article 1 above from June 1, 1999.
Article 3: This Decision takes effect from June 1, 1999 and replaces Decision No. 41/1999/QĐ-NHNN1 dated February 1, 1999 of the Governor of the State Bank of Vietnam on adjusting the rediscount interest rate of the State Bank of Vietnam for credit institutions and Decision No. 69/1999/QĐ-NHNN1 dated February 27, 1999 of the Governor of the State Bank of Vietnam on the rediscount interest rate of the State Bank of Vietnam for commercial banks to lend for purchasing export rice in 1999.
Article 4: The Director of the Office of the State Bank of Vietnam, Heads of units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and cities, Chairmen of Management Boards and General Directors (Directors) of credit institutions are responsible for implementing this Decision./.
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DEPUTY DIRECTOR
(Signed)
Lê Đức Thuý
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