Decision No. 582/2003/QD-NHNN adjusts the required reserve ratio for deposits of credit institutions, applicable to both Vietnamese dong and foreign currency deposits, replacing previous decisions.
适用范围
Credit institutions include state-owned commercial banks, urban joint-stock commercial banks, rural joint-stock commercial banks, cooperative banks, branches of foreign banks, joint venture banks, central people's credit funds, finance companies, and financial leasing companies.
要点
- Credit institutions must maintain required reserves for demand deposits and time deposits under 12 months in Vietnamese dong at different rates depending on the type of bank (3%, 2%, 1%).
- The required reserve ratio for time deposits from 12 to under 24 months in Vietnamese dong is 1%.
- Credit institutions must maintain required reserves for demand deposits and time deposits under 12 months in foreign currency at a rate of 4%, while time deposits from 12 to under 24 months in foreign currency are at 1%.
- Credit institutions permitted to mobilize capital in physical gold are not required to maintain required reserves, but the converted amount into money for lending must comply with the required reserve regulations.
- Deposits of credit institutions with balances under VND 500 million do not need to maintain required reserves.
🌐 本文件的社会影响
- Positive impact: Reduces the financial burden on credit institutions, particularly small and medium-sized state-owned commercial banks.
- Negative impact: May affect the ability of state-owned commercial banks to mobilize capital due to higher required reserve ratios compared to other banks.
❓ 常见问题
How do credit institutions implement required reserves?
Credit institutions must maintain required reserves for demand deposits and time deposits under 12 months in Vietnamese dong at different rates depending on the type of bank (3%, 2%, 1%). For time deposits from 12 to under 24 months in Vietnamese dong, the required reserve ratio is 1%. The required reserve ratio for foreign currency deposits is similar.
Can credit institutions that mobilize capital in physical gold be exempted from maintaining required reserves?
Yes, credit institutions that mobilize capital in physical gold are exempted from maintaining required reserves. However, the converted amount into money for lending must comply with the required reserve regulations.
Do credit institutions with deposit balances under VND 500 million need to maintain required reserves?
No, credit institutions with deposit balances under VND 500 million do not need to maintain required reserves.
What is the interest rate applied to required reserve deposits?
Required reserve deposits of credit institutions held at the State Bank within the prescribed reserve limit are subject to a monthly interest rate of 0%.
When does this decision take effect?
This decision takes effect from the August 2003 maintenance period of the required reserve ratio and replaces previous decisions.
全文
Pursuant to …;
OF THE HEAD OF THE STATE BANK
Regarding the adjustment of mandatory reserves for credit institutions
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 and the Law on Credit Institutions No. 02/1997/QH10 dated December 12, 1997;
Pursuant to Decree No. 86/2002/NĐ-CP dated 05/11/2002 of the Government stipulating the functions, tasks, powers, and organizational structure of ministries and ministerial-level agencies;
Pursuant to the proposal of the Director of the Monetary Policy Department,
DECIDES:
Article 1. The deposits subject to mandatory reserves as stipulated in Article 12 of the Regulation on Mandatory Reserves issued together with Decision number...on...are demand deposits and time deposits under 24 months.
Article 2. The ratio of mandatory reserves for deposits in Vietnamese dong applicable to credit institutions is as follows:
1. The ratio of mandatory reserves for demand deposits and time deposits under 12 months in Vietnamese dong shall be applied as follows:
a. State commercial banks (excluding the Agricultural Bank of Vietnam and Rural Development Bank), city commercial joint-stock banks, joint venture banks, foreign bank branches, finance companies shall be 3% of the total balance of deposits subject to mandatory reserves.
b. The Agricultural Bank of Vietnam and Rural Development Bank shall be 2% of the total balance of deposits subject to mandatory reserves.
c. Rural commercial joint-stock banks, Central People's Credit Funds, cooperative banks shall be 1% of the total balance of deposits subject to mandatory reserves.
2. The ratio of mandatory reserves for time deposits from 12 months to under 24 months in Vietnamese dong for state commercial banks, city commercial joint-stock banks, rural commercial joint-stock banks, cooperative banks, joint venture banks, foreign bank branches, central people's credit funds, finance companies, financial leasing companies shall be 1% of the total balance of deposits subject to mandatory reserves.
Article 3. The reserve requirement ratio applicable to foreign currency deposits for credit institutions is as follows:
1. The ratio of mandatory reserves for demand deposits and time deposits under 12 months in foreign currency for state commercial banks, city commercial joint-stock banks, rural commercial joint-stock banks, cooperative banks, foreign bank branches, joint venture banks, finance companies, central people's credit funds shall be 4% of the total balance of deposits in foreign currency subject to mandatory reserves.
2. The ratio of mandatory reserves for time deposits from 12 months to under 24 months in foreign currency for state commercial banks, city commercial joint-stock banks, rural commercial joint-stock banks, cooperative banks, foreign bank branches, joint venture banks, central people's credit funds, finance companies, financial leasing companies shall be 1% of the total balance of deposits in foreign currency subject to mandatory reserves.
Article 4. In cases where credit institutions are permitted by the Governor of the State Bank of Vietnam to mobilize capital in physical gold and lend in physical gold, the mandatory reserve ratio for such mobilized capital in physical gold shall be 0%. In cases where credit institutions are permitted by the Governor of the State Bank of Vietnam to mobilize capital in physical gold but convert the mobilized physical gold into money for lending, the converted capital must comply with the mandatory reserve requirements for money as prescribed.
Article 5. For credit institutions with deposit balances subject to mandatory reserves below 500 million dong, People's Credit Funds at the grassroots level, and the Social Policy Bank, the mandatory reserve ratio shall be 0% of the total deposit balance.
Article 6. Deposits of credit institutions held at the State Bank of Vietnam within the scope of the mandatory reserve ratio prescribed shall be subject to an interest rate of 0%/month.
Article 7. This Decision takes effect from the August 2003 mandatory reserve maintenance period and replaces Decisions No. 235/1999/QĐ-NHNN1 dated July 5, 1999, Decision No. 560/2001/QĐ-NHNN dated April 27, 2001, and Decision No. 1277/2002/QĐ-NHNN dated November 18, 2002 of the Governor of the State Bank of Vietnam.
Article 8. The Accounting and Finance Department shall be responsible for submitting to the Governor of the State Bank of Vietnam supplementary guidance on the accounting system of credit institutions to monitor additional deposit balances from 12 months to under 24 months.
Article 9. The Director of the Office, the Inspector General of the State Bank, the Heads of the Monetary Policy Department and the Accounting and Finance Department, the Heads of units under the State Bank, the Directors of Provincial and Municipal Branches of the State Bank, and the General Managers (Directors) of credit institutions shall be responsible for implementing this Decision.
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