No printing of small bills during Tet, budget saves 1,900 billion VND

It is expected that during the 2017 Lunar New Year, the State Bank will reduce the cost of issuing small bills by about 400 billion VND, bringing the total savings since implementing this policy to 1,900 billion.

The above information was announced by Deputy Governor of the State Bank Dao Minh Tu at a press conference on meeting cash needs during the Lunar New Year on January 4.

Thus, over the past four years, the State Bank has implemented a policy of not putting new small denomination money into circulation during Tet, for example in 2013, no new 500 VND bills were printed, in 2014, 1,000-2,000 VND bills were printed, in 2015, 5,000 VND bills were printed, and this year, no new 5,000 VND bills were printed and distributed.back down.

Not printing small bills for Tet, the budget saves 1,900 billion VND in four years.

To achieve the above results, besides propaganda,In recent years, in order to encourage people to use small denomination money reasonably and for the right purposes at relic sites, temples, pagodas, and festivals, the management agency has also directed its subordinate units to coordinate with relevant units to strengthen inspection and handling of money exchange service business activities for profit according to regulations.

During the Tet holiday, people's demand for cash withdrawal for shopping also increases to serve shopping needs.Deputy Governor Dao Minh said this agencyhas carried out the transfer of cash from the central government to the State Bank branches in provinces and cities to increase the reserve level, ready to meet the cash needs of the economy. In particular, priority is given to transferring to key economic provinces and cities with high cash receipts and expenditures and many ATMs such as: Ho Chi Minh City, Hanoi, Da Nang, Hai Phong, Quang Ninh, Dong Nai, Binh Duong...

"Up to now, the cash transfer is being carried out urgently, ensuring absolute safety and will be completed before January 20, 2017," he informed.

In addition, the State Bank also regularly monitors and grasps the developments of cash receipts and disbursements and cash balances at provincial and municipal branches, fully meeting cash needs, even in cases where there is a sudden need for cash disbursements. In principle, the manager ensures that cash needs are fully met during the 2017 Lunar New Year and ensures the supply of currencies that meet the standards for circulation to serve payment needs in the economy./.

According to VNE