Decision 96/1998/QĐ-NHNN1

DECISION No.96/1998/QD-NHNN1 OF MARCH 13, 1998 STIPULATING THE INTEREST RATES FOR FOREIGN CURRENCY DEPOSITS OF CREDIT INSTITUTIONS AND THE STATE TREASURY AT THE STATE BANK

THE GOVERNOR OF THE STATE BANK

Pursuant to the Ordinance on the State Bank of May 23, 1990;

Pursuant to 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 Economic Studies Department,

DECIDES:

Article 1.- To stipulate the interest rates for foreign currency deposits (except for obligatory deposits reserves) of the credit institutions licensed to trade in foreign currencies and the State Treasury at the State Bank, as follows:

1. Demand deposits:

Foreign currencies Interest rates (%/year)

US dollar (USD) 4.86

Great Britain pound (GBP) 7.00

Deutsche mark (DEM) 3.00

French franc (FRF) 3.00

Japanese yen (JPY) 0.40

2. Time deposits:

Deposit duration Interest rates (%/year)

USD DEM GBP FRF JPY

One month 5.40 3.25 7.25 3.20 0.65

Three months 5.43 3.30 7.30 3.30 0.55

Six months 5.45 3.35 7.35 3.35 0.53

Nine months 5.48 3.40 7.38 3.40 0.50

One year 5.52 3.50 7.40 3.50 0.48

Article 2.- The interest rates stipulated in Article 1 of this Decision shall be effective as from April 1st, 1998 and replace those stipulated in Decision No.83/QD-NH7 of March 24, 1995 of the Governor of the State Bank. For the credit balance of foreign currency demand deposits of the credit institutions and the State Treasury accounted till the end of March 31st, 1998, the interest rates stipulated in this Decision shall apply; for the credit balance of foreign currency time deposits, the current interest rates shall still apply till the expiry of their deposit durations.

Article 3.- The chairmen of the managing boards and the general directors (directors) of the credit institutions and the State Treasury, the heads of the units attached to the Central State Bank, the director of the provincial/municipal State Bank's branches shall have to implement this Decision.

Acting Governor of the State Bank

DO QUE LUONG