Decision 872/QD-TTg in 2014 on reducing lending interest rates for policy credit programs at the Bank for Social Policies issued by the Prime Minister

DECISION

MAKING A DECREASING ADJUSTMENT TO LOAN INTEREST RATE FOR PREFERENTIAL CREDIT PROGRAMS AT THE BANK FOR SOCIAL POLICIES

THE PRIME MINISTER

Pursuant to the Law on Governmental Organization dated December 25, 2001;

Pursuant to the Decree No. 78/2002/ND-CP dated October 04, 2002 by the Government on credits for the poor and other beneficiaries;

Given the written request No. 32/TTr-NHNN of the Governor of the State Bank of Vietnam dated April 02, 2014 and No. 20/TTr-NHCS dated April 01, 2014,

HEREBY DECIDES

Article 1. Making a decreasing adjustment to loan interest rate for preferential credit programs at the bank for social policies

1. The loan interest rate for poor households, employment, preferential employees working abroad in a limited time (according to the Decision No. 365/2004/QD-NHNN) shall equal 7.2%/year (0.6%/month). This regulation shall replace the regulation laid down in item 1, section 2 in the Document No. 1212/TTg-KTTH dated August 24, 2005 by the Prime Minister, on some affairs concerning the operations of the Bank for Social Policies.

2. The loan interest rate for students shall equal 7.2%/year (0.6%/month). This regulation shall replace the regulation laid down in Clause 2, Article 1 in the Prime Minister’s Decision No. 853/QD-TTg dated June 03, 2011, on making a decreasing adjustment to the loan amount and the loan interest rate for students.

Article 2. This Decision shall take effect as from the signing date and shall be applicable to the loans from the effective date of this Decision.

Article3. The Ministers of Finance, Planning and Investment, Education and Training, Labor, Invalids and Social Affairs; the Governor of the State Bank of Vietnam; the General Director of the Bank for Social Policies and the Heads of relevant regulatory bodies are responsible for implementing this Decision././.

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