Thông tư 02/2011/TT-NHNN

CIRCULAR

PRESCRIBING THE CEILING INTEREST RATE FOR VIETNAM-DONG CAPITAL MOBILIZATIONS

Pursuant to June 16, 2010 Law No. 46/2010/ QHI2 on the State Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/ QH12 on Credit Institutions;
Pursuant to the Government's Decree No. 96/ 2008/ND-CP of August 26. 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
In furtherance of the Government's Resolution No. 11/NQ-CP of February 24, 2011, on major solutions for curbing inflation, stabilizing macro-economy and assuring social security;
The State Bank of Vietnam prescribes the ceiling interest rate for Vietnam-dong capital mobilizations of credit institutions and foreign bank branches (below collectively referred lo as credit institutions) as follows:

Article 1. Credit institutions shall fix annual interest rates, including also sales promotion amounts in any form, for mobilizing Vietnam-dong capital (including deposits, deposit certificates, promissory notes, bills and bonds) from institutions (other than credit institutions) and individuals, not exceeding 14%, Particularly, grassroots people's credit funds may fix those annual interest rates not exceeding 14.5% . Such ceiling interest rate shall be applied lo the method of interest payment at the end of deposit term or upon maturity. Other methods of interest payment shall be converted into this method at the ceiling capital mobilization interest rate.

Article 2. Credit institutions shall publicly post up interest rates for their Vietnam-dong capital mobilizations at places of capital mobilization (their head offices, transaction bureaus, branches, transaction offices or saving funds) under the State Bank of Vietnam's regulations. They are prohibited from providing sales promotion in cash, interest rate or any other form in contravention of law and this Circular for their capital mobilizations.

Article 3. Organization of implementation

1. This Circular lakes effect on the date of its signing.

2. The Banking Inspection and Supervision Agency and provincial-level branches of the State Bank of Vietnam shall examine, inspect and supervise the observance of the ceiling interest rate for Vietnam-dong capital mobilizations: and apply measures according to their competence to handle credit institutions violating this Circular.

3. The Chief of the Office, the director of the Monetary Policy Department and heads of units of the State Bank, directors of provincial-level Slate Bank branches: Boards of Directors and Directors General (Directors) of credit institutions and concerned institutions and individuals shall implement this Circular -