On December 04, 2015, the State Bank of Vietnam issued the Circular No. 23/2015/TT-NHNN dated December 04, 2015 of the State Bank amending, supplementing a number of articles of the Decree No. 581/2003/QD-NHNN dated June 09, 2003 of the State Bank Governor promulgating the regulation on compulsory reserves applicable to credit institutions.
In accordance with the Circular, on January 28, 2016, the payment of interests on compulsory reserves, excessive compulsory-reserve of each type of credit institution and each type of deposit in each period shall be made according to the State Bank’s regulations instead of the Government’s regulations prescribed in previous regulations.
Another important content prescribed in this Circular is the regulations on compulsory reserves applicable to credit institutions. In cases where credit institutions are placed under the approved re-structural plan, credit institutions are implementing to re-structure the poor credit institutions as requested, the State Bank Governor shall consider and decide to reduce the compulsory-reserve rates applicable to
such credit institutions. And in cases where credit institutions are placed under the special control, the State Bank Governor shall consider and decide to reduce the compulsory-reserve rates applicable to such credit institutions to the minimum level of 0%.
Besides, the notification of compulsory reserves and payment of interests on compulsory reserves, excessive compulsory-reserve in Vietnam dong shall be carried out by State Bank’s Transaction Office. The notification of compulsory reserves and payment of interests on compulsory reserves, excessive compulsory-reserve in Vietnam dong shall be carried out by the State Bank’s branches in the provinces and cities where credit institutions are headquartered (excluding the case that credit institutions select State Bank’s Transaction Office to transact and send the notification to State Bank’s Transaction Office, the State Bank’s branches in the provinces and cities where credit institutions are headquartered.)
This Circular takes effect on January 28, 2016.
Source: luatvietnam.vn
