Ensuring cash supply during Lunar New Year 2017

The State Bank of Vietnam requires the completion of cash transfers to branches in provinces and cities before January 20, 2017.

During the Lunar New Year every year, due to the sudden increase in cash withdrawal demand, many automatic teller machines (ATMs) experience local congestion and frequent cash outages. To reduce this situation, the State Bank of Vietnam (SBV) is implementing many synchronous measures and is committed to ensuring cash needs for people during the 2017 Lunar New Year.

Many commercial banks have been proactively providing cash to the market.

According to many workers in industrial parks, the company only pays salaries and bonuses close to Tet. At that time, to have money for Tet shopping, they have to queue at ATMs to withdraw money. Sometimes, after waiting in line for a long time, the ATMs say they are out of money, causing frustration for people.

Ms. Nguyen Thi Hue, Canon Vietnam Co., Ltd., Thang Long Industrial Park shared: "We withdraw money every month, but during Tet holidays, the number of people withdrawing money increases dramatically, so at the end of the year in the Industrial Park, people often want to withdraw a lot of money to go home for Tet, so the demand increases dramatically. Many times when it's my turn, I run out of money. This situation happens every year."

At industrial parks near Tet, people have to wait to withdraw money.

Faced with the above situation, many commercial banks across the country have been proactively providing cash to the market to ensure treasury safety during the end of the year and Lunar New Year.

Ms. Le Nhu Hoa, Deputy General Director of the Bank for Industry and Trade (Viettinbank), said that the Bank is focusing on directing branches and cash management centers to proactively regulate the market. At the same time, it is fully preparing Vietnamese Dong and foreign currencies to meet the increased demand of customers during the Lunar New Year.

The State Bank has transferred cash from the central government to state bank branches in provinces and cities to increase reserves and be ready to meet the cash needs of the economy. Priority should be given to key economic provinces and cities with high cash receipts and disbursements and many ATMs such as Ho Chi Minh City, Hanoi, Da Nang, etc.

To achieve high efficiency, the State Bank of Vietnam requires: local branches to strengthen direction, inspection and supervision of credit institutions in the area, ensuring sufficient disbursement of all denominations for customers; inspect and handle violations in ensuring quality, security services, safety of ATM operations in the area, improving the quality of ATM services...

Deputy Governor of the State Bank Dao Minh Tu said: The State Bank has recently issued 4-5 documents on ATMs, commercial banks are also very determined, even recently establishing a joint delegation of ministries and the State Bank to inspect ATMs and many banks to evaluate the safety, security and quality of service.

Deputy Governor of the State Bank

"We request that commercial banks pay salaries and bonuses in a timely manner during this Tet holiday, especially in industrial parks and export processing zones. Therefore, commercial banks should have many forms of mobile payment or go directly to businesses to pay salaries and bonuses to workers in a timely manner so that they have money for Tet," Mr. Tu emphasized.

The State Bank of Vietnam requires that the transfer of cash to branches in provinces and cities must be carried out urgently, ensuring absolute safety and completed before January 20, 2017. In addition, due to the long Tet holiday, banks also need to support businesses, especially import-export businesses, to avoid passive capital during the holiday./.

According to VOV