This year there will be no new money with denominations under 5,000 VND.

Units under the State Bank and commercial banks are not allowed to spend newly printed banknotes with intact serial numbers (if still in stock) of 5,000 VND or less into circulation for the 2017 Lunar New Year.

That is one of the contents of vThe Governor of the State Bank has just issued a circular related to ensuring safety and smooth banking operations during the Lunar New Year 2017.

Thus, over the past four years, the State Bank has implemented a policy of not putting new small denomination notes into circulation during Tet. For example, in 2013, new 500 VND notes were not printed, in 2014, 1,000-2,000 VND notes were printed, in 2015, 5,000 VND notes were printed, and this year, newly printed notes with original serial numbers of 5,000 VND or less were not allowed to be distributed.

The State Bank prohibits the spending of new money with denominations of 5,000 VND or less.

However, the State Bank still maintains a reserve of small denominations of used money that meet circulation standards to ensure sufficient supply for people's payment needs during the Lunar New Year and the following years.

State BankProvincial and municipal branches report to the Provincial People's Committee and coordinate with local authorities to inspect and strictly handle cases of illegal trading of small denomination money at relic sites, temples, pagodas, festivals or online business, affecting the currency circulation, culture and image of Vietnamese currency.

In addition, the document also strictly prohibits State Bank officials and credit institutions from taking advantage of, assisting, and providing new types of money to money exchange businesses to earn the difference (including selecting circulated but still new money to collect into bundles, etc.). Directors of State Bank branches in provinces and cities shall organize inspections of implementation in the area and discipline violating officials.

Regarding the operation of the ATM system, the manager requires ensuring service quality, operational safety, and fully and promptly meeting the cash needs of units, organizations, and individuals. The State Bank branches in provinces and cities absolutely must not allow cash shortages to occur and must postpone disbursements, especially cash disbursements to social welfare beneficiaries, salaries, and bonuses for officials and employees of agencies and enterprises. Increase vigilance against criminal methods and tricks and take appropriate preventive measures to prevent crimes and ensure ATM security and safety.

In large provinces and cities with densely populated industrial zones with high demand for cash withdrawals, commercial banks, in addition to preparing a good ATM system, need to organize flexible payment methods while ensuring safety to avoid overloading at ATM points. Increase vigilance against criminal methods and tricks and coordinate with authorities in preventing and stopping risks in ATM operations to ensure safety for commercial banks and customers.

According to VNE