DECISION

ADJUSTING THE COMPULSORY RESERVE RATE FOR FOREIGN CURRENCY DEPOSITS OF CREDIT INSTITUTIONS

THE GOVERNOR OF THE STATE BANK

Pursuant to State Bank Law No. 01/1997/QH10 and Credit Institution Law No. 02/1997/QH10 of December 12, 1997;
Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;
At the proposal of the director of the Department for Monetary Policies,

DECIDES:

Article 1.- To adjust the compulsory reserve rate for demand and under-12 month term foreign currency deposits of State-run commercial banks, urban joint-stock commercial banks, rural joint-stock commercial banks, cooperative banks, branches of foreign banks, joint-venture banks, financial companies and the central people’s credit fund to 5% of the total foreign currency deposit balance subject to compulsory reserve.

Article 2.- This Decision shall be applied to calculate the compulsorily reserved amounts as from the compulsory reserve maintenance period of December 2002 and replace Decision No. 270/2002/QD-NHNN of April 1, 2002 of the State Bank Governor.

Article 3.- The director of the Office, the State Bank Chief Inspector, the heads of units under the State Bank, the directors of the State Bank’s provincial/municipal branches, and the general directors (directors) of credit institutions shall have to implement this Decision.

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STATE BANK GOVERNOR




Le Duc Thuy