Decision No. 316/2005/QD-NHNN Regarding the adjustment of discount rates and refinancing rates by the State Bank of Vietnam for banking credit institutions

DECISION

On adjusting the discount rate and refinancing rate of the State Bank of Vietnam for credit institutions that are banks

GOVERNOR OF THE STATE BANK OF VIETNAM

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

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

Pursuant to 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;

Based on the proposal of the Department of Monetary Policy,

DECIDES:

Article 1.

The following interest rates of the State Bank of Vietnam for credit institutions that are banks are hereby stipulated: 1. Refinancing rate is 6.0%/year.

2. Discount rate is 4.0%/year.

Article 2.

This Decision takes effect from April 1, 2005 and replaces Decision No. 20/QĐ-NHNN dated January 7, 2005 of the Governor of the State Bank of Vietnam on adjusting the discount rate and refinancing rate of the State Bank of Vietnam for credit institutions that are banks. Article 3.

The Director of the Office, Department Heads of Monetary Policy, Heads of units under the State Bank of Vietnam, Directors of provincial and centrally-run city branches; Boards of Management and General Managers (Directors) of credit institutions shall be responsible for implementing this Decision./. The Director of the Office, the Head of the Monetary Policy Department, and the Heads of units under the State Bank; the Governors and General Directors (Directors) of credit organizations in provinces and centrally-administered cities; and the Boards of Directors and General Managers (Managers) of credit institutions are responsible for implementing this Decision./.