Decision No. 272/2005/QĐ-NHNN On Adjusting the Maximum Deposit Interest Rate in US Dollars for Legal Entities at Credit Institutions.

Pursuant to …;

Regarding adjustment of the maximum deposit interest rate in US dollars for legal entities at credit institutions.of the legal entity at the credit institution.

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GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 1997; the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;

Pursuant to the Law on Credit Organizations 1997; the Law Amending and Supplementing Certain Provisions of the Law on Credit Organizations 2004;

Pursuant to the Law on Enacting Legal Normative Documents 1996; the Law Amending and Supplementing Certain Provisions of the Law on Enacting Legal Normative Documents 2002;

Pursuant to the Decree No. 52/2003/NĐ-CP dated May 19, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to the proposal of the Director of the Monetary Policy Department,

DECISION:

Article 1. The following deposit interest rates in US dollars for legal entities at credit institutions are hereby prescribed:

- Maximum interest rate for demand deposits: 0.3%/year

- Maximum interest rate for time deposits up to six months: 0.7%/year

- Maximum interest rate for time deposits over six months: 1.0%/year

The legal entities referred to in this Article include: economic organizations, except credit institutions; state agencies; armed forces units; political organizations; political-social organizations; social organizations; occupational social organizations; social funds; charitable funds; other organizations meeting the conditions stipulated in Article 94 of the Civil Code; foreign legal entities operating in Vietnam.

Article 2. This Decision shall take effect fifteen days from the date of publication in the Official Gazette and shall replace Decision No. 834/2003/QĐ-NHNN dated July 30, 2003 of the Governor of the State Bank of Vietnam regarding the adjustment of the maximum deposit interest rate in US dollars for legal entities at credit institutions.

Article 3. The Heads of the Office, Department Heads of the Legal Affairs Department, and Heads of units under the State Bank of Vietnam, Branch Directors of provinces and centrally-administered cities; Boards of Directors and General Managers (Directors) of credit institutions are responsible for implementing this Decision.