Decision No. 323/1999/QĐ-NHNN1 On Adjusting the Interest Rate for Loans Provided by the Bank for the Poor to Poor Households.

Pursuant to …;

Adjusting the interest rate for loans from the Bank serving the poor to poor households

Serving poor households

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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 February 3, 1993 of the Government on the tasks, powers, and responsibilities of ministries and ministerial-level agencies in state management;

Pursuant to the Prime Minister's opinion expressed in Document No. 4092/VPCP-KTTH dated September 8, 1999 of the Government Office regarding the reduction of loan interest rates for poor households and the supplementation of the subsidy plan for interest rates of the Bank serving the poor;

At the proposal of the Director of the Monetary Policy Department.

Pursuant to …;

Article 1. The interest rate for loans from the Bank serving the poor to poor households is hereby stipulated as follows:

1. The interest rate for loans from the Bank serving the poor to poor households shall be 0.7% per month, applicable from September 1, 1999, replacing the previous loan interest rate of 0.8% per month for poor households as stipulated in Point 2.1, Clause 2, Article 1, Decision No. 39/1998/QĐ-NHNN1 dated January 17, 1998 of the Governor of the State Bank of Vietnam on the interest rate for loans in Vietnamese dong by credit organizations to economic entities and residents, and the interest rate for dollar deposits by economic entities. The outstanding balance of loans made by the Bank serving the poor to poor households up to August 31, 1999 will continue to apply the loan interest rate of 0.8% per month.

2. The maximum overdue interest rate shall be 150% of the loan interest rate specified in the credit agreement (loan contract). The Board of Directors of the Bank serving the poor shall base on this provision to specifically determine the overdue interest rate applicable to the outstanding overdue balance as of August 31, 1999, and overdue balances arising from September 1, 1999.

Article 2. Heads of relevant units under the Central Bank, Branch Governors of the State Bank of Vietnam in provinces and cities, Chairmen of the Board of Directors and General Directors of the Bank serving the poor, and the Vietnam Agricultural and Rural Development Bank are responsible for implementing this Decision.