State Bank requires disinfection of old money

The State Bank has just sent an urgent dispatch requesting branches in provinces and cities to deploy anti-epidemic measures when dealing with cash, such as providing hand sanitizer, medical masks, gloves and protection for staff in direct contact with cash.

When old banknotes are returned, they must be sprayed with disinfectant (bundled, wrapped) and kept for a period of time before being spent, depending on the balance. Based on the cash situation in the area, units can use the amount of cash reserves in the treasury to supply to credit institutions. In case there is not enough new money, use the money that has been disinfected in the treasury and report to the State Bank any difficulties and problems that arise.

Credit institutions are required to regularly disinfect and clean cash transaction areas, vaults and ATMs. Units must also have measures to disinfect collected cash before storing it in the vault or before submitting it to the State Bank.

Illustration photo.

Many other countries around the world have taken similar measures, requiring isolation, disinfecting paper money, and promoting electronic payments to prevent the spread of the disease.

On March 6, the Bank of Korea said it would quarantine banknotes in circulation for two weeks to disinfect and destroy some. The Louvre Museum in France banned cash payments this week, while Fed branches across the United States are also quarantining dollars from Asia for seven to 10 days.

According to this urgent dispatch, banks must minimize mass gatherings and increase the use of online meetings. In particular, provincial and municipal branches should consider organizing working sessions with credit institutions, associations and businesses.

The State Bank also requested to organize shareholders' meetings and members' meetings appropriately or postpone the time depending on the epidemic situation.