Decision No. 198/QD-NH1 adjusts the rediscount rate of the State Bank for credit institutions to 0.90% per month starting from July 1, 1997. The new rate replaces the previous regulation and applies to the outstanding balance of rediscount loans up to June 30, 1997, at the interest rate stated on the promissory note.
Scope of application
Commercial banks, heads of units under the Central State Bank, branch directors of the State Bank in provinces and cities.
Key points
- Commercial banks → apply the rediscount rate of 0.90% per month from July 1, 1997
- The outstanding balance of rediscount loans up to June 30, 1997 → not adjusted according to the new interest rate
- Chairmen of the Board of Management and General Directors (Directors) of commercial banks, heads of units under the Central State Bank, branch directors of the State Bank in provinces and cities → are responsible for implementing this Decision
🌐 Social impact of this document
- Positive impact: Reduces the burden of interest rates for credit institutions, helping to save operating costs.
- Negative impact: May affect the profits of the State Bank and commercial banks if the new interest rate is lower than expected.
❓ Frequently asked questions
What is the new rediscount rate?
The new rediscount rate has been adjusted to 0.90% per month.
When does this new rate take effect?
The new rate takes effect from July 1, 1997.
Will the outstanding balance of rediscount loans up to June 30, 1997 be adjusted according to the new interest rate?
No, the outstanding balance of rediscount loans up to June 30, 1997 will still be implemented at the interest rate stated on the promissory note, without adjustment according to the new interest rate.
What should credit institutions do to comply with this Decision?
Chairmen of the Board of Management and General Directors (Directors) of commercial banks, heads of units under the Central State Bank, branch directors of the State Bank in provinces and cities need to be responsible for implementing this Decision.
How does this Decision replace the old regulation?
Decision No. 198/QD-NH1 replaces the regulation on the rediscount rate in Decision No. 151/QD-NH1 dated May 26, 1997 of the Governor of the State Bank.
Full text
Pursuant to …;
Regarding the adjustment of rediscount interest rates by the State Bank for credit institutions
Pursuant to the Ordinance on the State Bank promulgated pursuant to Decree No. 37/LCT-HĐNN8 dated May 24, 1990 of the Chairman of the State Council;
Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government 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 rediscount interest rate of the State Bank for commercial banks is hereby adjusted to 0.90% per month.
Article 2.- The interest rate prescribed in Article 1 of this Decision shall take effect from July 1, 1997 and replace the interest rate provisions for rediscounting in Decision No. 151/QĐ-NH1 dated May 26, 1997 of the Governor of the State Bank. The outstanding balance of rediscount loans of commercial banks at the State Bank as of June 30, 1997 shall continue to be implemented according to the interest rate stated in the agreement, without adjustment to the rate specified in Article 1 above.
Article 3.- The Chairman of the Board of Directors and General Director (Director) of commercial banks, Heads of units under the Central State Bank, and Branch Directors of the State Bank in provinces and cities are responsible for implementing this Decision./.
Download
The original file of this document is being updated. Please read the full text and check back later.
Relations map
Click a document to open. A red border = a relation that changes validity.
Translations
This document is available in the following languages: