Enough cash for Tet: SBV

The State Bank of Vietnam (SBV) has pledged sufficient cash to cater the demand which often skyrockets on the approach of the traditional Lunar New Year (Tet).

At a press briefing in Hanoi on December 25, Deputy Governor Dao Minh Tu said the Central bank has directed localities having high demand such as Hanoi , Ho Chi Minh City , Binh Duong and Dong Nai to meet the demand for cash of businesses and individuals ahead of the most important and longest annual festival.

Commercial banks have also been requested to set up more cash withdrawal points.

In regard to small change, Tu said the SBV will reduce the minting of new notes with face values of under 2,000 VND (10 US cent) as it is costly and very few of the notes are used for payment.

The bank will no longer issue new coins, while those already put into use are still legal for circulation, Tu said.-VNA

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