ANNOUNCEMENT
On the issuance of Decisions on the interest rates applied to the reserve requirement deposits and excess reserves of the credit institutions, the foreign bank branches; deposits in VND of Vietnam Development Bank (VDB), Vietnam Bank for Social Policies (VBSP), the People’s Credit Funds, micro-finance insitutions; deposits of the State Treasury, the Deposit Insurance of Vietnam (DIV)
______________________________________
In order to be in line with the macro-economic developments and the common interest rates in the market, the State Bank of Vietnam (SBV) issued Decisions on the interest rates applied to reserve requirement deposits and excess reserves of the credit institutions and the foreign bank branches; deposits in VND of Vietnam Development Bank (VDB), Vietnam Bank for Social Policies (VBSP), the People’s Credit Funds, micro-finance insitutions; deposits of the State Treasury, the Deposit Insurance of Vietnam (DIV). These Decisions, which took effect from December 1, 2019, are as follows:
(1) Decision No. 2497/QD-NHNN dated November 29, 2019 on the interest rates applied to the reserve requirement deposits and excess reserves of the credit institutions at the SBV. Accordingly, the interest rate applied to the reserve requirement deposits in VND is 0.8% p.a; the interest rate applied to excess reserves in VND is 0% p.a; the interest rate applied to the reserve requirement deposits in foreign currencies is 0% p.a; the the interest rate applied to excess reserves in foreign currencies is 0.5% p.a.
(2) Decision No. 2498/QD-NHNN dated November 29, 2019 on the interest rate for deposits in VND applied for VDB, VBSP, the People’s Credit Funds and micro-finance institutions at the SBV. Accordingly, the interest rate for deposits in VND applied for VDB, VBSP, the People’s Credit Funds and micro-finance institutions is 0.8% p.a.
(3) Decision No. 2499/QD-NHNN dated November 29, 2019 on the interest rates applied to the deposits of the State Treasury and the DIV at the SBV. Accordingly, the interest rate for deposits in VND of the State Treasury and the DIV is 1% p.a, the interest rate for deposits in foreign currencies of the State Treasury is 0.05% p.a, the interest rate for deposits in VND of the DIV is 0.8% p.a.
Translated by Le Hang