Saved about 280 billion VND because of not issuing new coins during Tet

The State Bank will not put newly printed small denomination money into circulation this Tet holiday. Photo: Ngoc Thang

At a press conference on ensuring cash, smooth and safe payments during the 2018 Lunar New Year held by the State Bank of Vietnam (SBV), a representative of the SBV affirmed that it would regularly monitor and grasp the developments of cash receipts and disbursements and cash balances at provincial and municipal branches to take necessary measures.

The State Bank of Vietnam continues to implement the policy of not releasing newly printed small denomination banknotes into circulation during the 2018 Lunar New Year. According to calculations, this will help save about 280 billion VND this year, bringing the total cost reduction since the implementation of this policy to nearly 2,200 billion VND.

Regarding the acts of exchanging money at temple gates, pagodas or on Facebook, Deputy Governor Dao Minh Tu affirmed that exchanging money for profit is prohibited and anyone who violates will be punished.

Regarding BOT fees paid in small bills, the representative of the State Bank affirmed that it only meets the needs of reasonable needs for small denominations. For example, the fee of 25,000 VND, even bills of 20,000 VND and odd bills of 5,000 VND. If 25,000 VND is 100 VND, it is an unreasonable need, affecting traffic safety and order. Using small bills of 100 VND to pay BOT fees is mainly a coping mechanism. Therefore, the State Bank does not support it, even for drivers and toll stations.