Decision No. 96/1998/QD-NHNN1 sets the interest rates for foreign currency deposits of credit organizations and State Treasury at the State Bank, effective from April 1, 1998. The interest rates are determined for each type of foreign currency for both demand and time deposits.
Scope of application
Credit organizations permitted to operate foreign currencies, State Treasury at the State Bank.
Key points
- Types of foreign currency USD, GBP, DEM, FRF, JPY → interest rate for demand deposits: 4.86%, 7.00%, 3.00%, 3.00%, 0.40% (per annum)
- USD, DEM, GBP, FRF, JPY → interest rate for time deposits from 1 month to 1 year: 5.40%-5.52%, 3.25%-3.50%, 7.25%-7.40%, 3.20%-3.50%, 0.65%-0.48% (per annum)
- The new interest rates take effect from April 1, 1998, replacing Decision No. 83/QD-NH7 of 1995.
- Foreign currency demand deposit balances as of March 31, 1998, will be subject to the new interest rates; foreign currency time deposit balances will continue to be applied the old interest rates until maturity.
- Chairmen of the Board of Directors, General Directors (Directors) of credit organizations, State Treasury, and Heads of units under the Central State Bank are responsible for implementing this decision.
🌐 Social impact of this document
- Banks may increase income from foreign currency deposit activities.
- Customers benefit when interest rates are higher than the previous levels, especially for USD and GBP.
- It may affect business decisions regarding holding or converting currencies.
❓ Frequently asked questions
How are foreign currency deposit interest rates defined?
Foreign currency deposit interest rates are specifically defined for each type of foreign currency, including both demand and time deposits. For example: USD interest rate is 4.86% per annum (demand) and 5.40%-5.52% (time from 1 month to 1 year).
When do the new interest rates apply?
The new interest rates take effect from April 1, 1998, replacing Decision No. 83/QD-NH7 of 1995.
Until when will foreign currency demand deposit balances be converted to the new interest rates?
Foreign currency demand deposit balances as of March 31, 1998, will be subject to the interest rates specified in this Decision.
How are interest rates for time deposits defined?
Interest rates for time deposits from 1 month to 1 year are specifically defined for each type of foreign currency, including USD, DEM, GBP, FRF, and JPY. For example: USD interest rate is 5.40%-5.52% per annum.
Who is responsible for implementing this decision?
Chairmen of the Board of Directors, General Directors (Directors) of credit organizations, State Treasury, and Heads of units under the Central State Bank are responsible for implementing this decision.
Full text
Pursuant to …;
Interest Rates for Foreign Currency Deposits of Credit Institutions and State Treasury at the State Bank
of Vietnam
______________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the State Bank Law dated May 23, 1990;
Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and state management responsibilities of Ministries and ministerial-level agencies;
At the proposal of the Director of the Economic Research Department;
DECISION:
Article 1. Now, the following foreign currency deposit interest rates (excluding mandatory reserve deposits) for credit organizations permitted to operate foreign currencies and the State Treasury at the State Bank are hereby stipulated:
1. Demand deposits:
Type of foreign currency Interest rate (% per annum)
US Dollar (USD) 4.86
British Pound (GBP) 7.00
German Mark (DEM) 3.00
French Franc (FRF) 3.00
Japanese Yen (JPY) 0.40
2. Time deposits
|
Term |
Interest rate (% per annum) |
||||
|
USD |
DEM |
GBP |
FRF |
JPY |
|
|
of the Government's Decree No. 104/2022/NĐ-CP dated December 21, 2022 amending and supplementing certain provisions of related decrees concerning the submission and presentation of household registration books and temporary residence certificates when performing administrative procedures and providing public services; |
5,40 |
3,25 |
7,25 |
3,20 |
0,65 |
|
3 months |
5,43 |
3,30 |
7,30 |
3,30 |
0,55 |
|
six months |
5,45 |
3,35 |
7,35 |
3,35 |
0,53 |
|
9 months |
5,48 |
3,40 |
7,38 |
3,40 |
0,50 |
|
1 year |
5,52 |
3,50 |
7,40 |
3,50 |
0,48 |
Article 2. The interest rates specified in Article 1 of this Decision shall take effect from April 1, 1998, replacing the interest rates stipulated in Decision No. 83/QĐ-NH7 dated March 24, 1995 of the Governor of the State Bank of Vietnam. The balance of demand foreign currency deposits of credit institutions and State Treasury as of March 31, 1998 shall be subject to the interest rates prescribed in this Decision; the balance of time foreign currency deposits shall continue to be applied according to the current interest rates until their maturity date.
Article 3. Chairmen of the Management Board and General Directors (Directors) of credit institutions, State Treasury, Heads of units under the Central Bank, and Directors of Provincial and City Branches of the State Bank of Vietnam are responsible for implementing this Decision./.
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