Decision No. 718/2001/QD-NHNN of the Governor of the State Bank of Vietnam changes the mechanism for managing interest rates on loans denominated in US dollars, effective from June 1, 2001. Credit institutions shall set interest rates based on international market interest rates and domestic supply and demand for credit capital, abolishing previous regulations on interest rate levels.
적용 범위
Credit institutions and borrowers taking out loans denominated in US dollars
핵심 사항
- Credit institutions shall set interest rates for loans based on international market interest rates and domestic supply and demand for credit capital.
- Abolish previous regulations on loan interest rate levels and publish the range of US dollar interest rates.
- For outstanding loan balances, credit institutions and borrowers may consider adjusting interest rates through mutual agreement.
- The overdue interest rate shall not exceed 150% of the loan interest rate stated in the credit contract.
- This decision takes effect from June 1, 2001.
🌐 이 문서의 사회적 영향
- Positive impact: Reduces the burden of capital costs for credit institutions and borrowers, creating more flexibility in adjusting interest rates.
- Negative impact: May lead to rapid fluctuations in interest rates, causing difficulties for parties involved in financial management.
❓ 자주 묻는 질문
What is the new mechanism for setting interest rates on loans denominated in US dollars?
Credit institutions will set interest rates for loans based on international market interest rates and domestic supply and demand for credit capital.
How is the overdue interest rate defined?
The overdue interest rate shall not exceed 150% of the loan interest rate stated in the credit contract.
How will existing credit contracts signed before this decision takes effect be handled?
For outstanding loan balances and credit contracts that have not been fully disbursed, credit institutions and borrowers may consider adjusting interest rates through mutual agreement.
When does this decision take effect?
This decision takes effect from June 1, 2001.
Are there specific provisions regarding the level of loan interest rates?
No, the decision abolishes previous regulations on interest rate levels and allows credit institutions to independently set interest rates based on market conditions.
전문
Pursuant to …; OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
||| Concerning the change in the mechanism for managing lending interest rates in US dollars for customers of credit institutions
- Office of the President of the State||| - Based on the Law on the State Bank of Vietnam and the Law on Credit Institutions dated December 12, 1997.
------------------------
GOVERNOR OF THE STATE BANK OF VIETNAM
||| Credit institutions shall determine lending interest rates in US dollars based on international market interest rates and the supply and demand for foreign currency credit funds domestically.
- Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities of state management of ministries and ministerial-level agencies;
- At the proposal of the Director of the Monetary Policy Department,
Pursuant to …;
Article 1.
1||| Abolish the provisions at Clause 1, Article 3 of Decision No. 241/2000/QĐ-NHNN1 dated August 2, 2000 of the Governor of the State Bank of Vietnam regarding the change in the mechanism for managing lending interest rates for customers of credit institutions and Decision No. 243/2000/QĐ-NHNN1 dated August 2, 2000 of the Governor of the State Bank of Vietnam regarding the announcement of the margin for US dollar lending interest rates as the basis for credit institutions to determine lending interest rates for customers.
2||| At the time this Decision takes effect, for outstanding loan balances already disbursed and credit contracts signed but not fully disbursed or not yet disbursed, they shall continue to be implemented according to the interest rate stipulated in the credit contract. The adjustment of lending interest rates for these credit contracts shall be negotiated between the credit institution and the customer.
Article 2.
1||| The overdue interest rate agreed upon in the credit contract between the credit institution and the customer shall not exceed 150% of the lending interest rate in US dollars stipulated in the credit contract.
2||| This Decision shall take effect from June 1, 2001.
Article 3.
1||| 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 institutions are responsible for implementing this Decision.
2The heads of units under the State Bank, the Governors of provincial and municipal branches of the State Bank; the Boards of Directors and General Managers (Directors) of credit organizations are responsible for implementing this Decision.
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