Decision No. 393/2003/QD-NHNN on the basic interest rate in Vietnamese dong

Pursuant to …;

Regarding the basic interest rate in Vietnamese dong

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. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating functions, tasks, powers, and organizational structure of Ministries and Ministerial-Level Agencies;

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

Pursuant to …;

Article 1. The basic interest rate in Vietnamese dong is hereby set at 0.625% per month (7.50% per year).

Article 2:

1. This Decision takes effect from May 1, 2003, and replaces Decision No. 285/2003/QĐ-NHNN dated March 31, 2003, of the Governor of the State Bank of Vietnam on the basic interest rate in Vietnamese dong.

2. Heads of units under the State Bank of Vietnam, Governors of provincial branches of the State Bank of Vietnam directly under the central government; Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this Decision.