According to Decision No. 678/2002/QĐ-NHNN of the Governor of the State Bank, the basic interest rate in Vietnamese Dong is announced at 0.60% per month (7.2% per year), effective from July 1, 2002, replacing Decision No. 547/2002/QĐ-NHNN.
Key points
- The basic interest rate in Vietnamese Dong is announced at 0.60% per month (7.2% per year).
- This Decision takes effect from July 1, 2002, and replaces Decision No. 547/2002/QĐ-NHNN.
- Heads of units under the State Bank, Governors of State Bank branches in provinces and cities; Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this Decision.
🌐 Social impact of this document
- Positive impact: The basic interest rate is lower than before, helping to reduce borrowing costs for businesses and people.
- Negative impact: Credit organizations may face difficulties in adjusting interest rates to match the market.
❓ Frequently asked questions
What is the new basic interest rate?
The basic interest rate in Vietnamese Dong is announced at 0.60% per month (7.2% per year).
When does this Decision take effect?
This Decision takes effect from July 1, 2002.
Which Decision does the new basic interest rate replace?
The new basic interest rate replaces Decision No. 547/2002/QĐ-NHNN dated May 30, 2002.
Who is responsible for implementing this Decision?
Heads of units under the State Bank, Governors of State Bank branches in provinces and cities; Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this Decision.
From which date does the new basic interest rate take effect?
The new basic interest rate takes effect from July 1, 2002.
Full text
DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Announce 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;
BASED ON DECREE NO. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;
Pursuant to the guidance of the Prime Minister in Document No. 28/CP-KTTH dated May 27, 2002 regarding the implementation of the agreed interest rate mechanism in trade credit denominated in Vietnamese Dong;
Pursuant to the proposal of the Director of the Monetary Policy Department,
DECISION:
Article 1. The basic interest rate denominated in Vietnamese Dong is hereby set at 0.60% per month (7.2% per year).
Article 2:
1. This Decision shall take effect from July 1, 2002 and replace Decision No. 547/2002/QĐ-NHNN dated May 30, 2002 on the basic interest rate issued by the Governor of the State Bank of Vietnam.
2. Heads of units under the State Bank of Vietnam, Governors of provincial and municipal branches of the State Bank of Vietnam; Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this Decision./.
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