Viet Nam News
HÀ NỘI — The State Bank of Việt Nam (SBV) on Tuesday pledged to meet all the cash demands of individuals and firms during the upcoming Tết (Lunar New Year), the country’s largest festival.
SBV deputy governor Đào Minh Tú said most commercial banks have prepared for the peak season when cash transaction and payment demands often surge sharply.
Phạm Bảo Lâm, director of SBV’s Issue and Vault Department, said until the end of November, the SBV granted its HCM City branch VNĐ33 trillion (US$1.45 billion) in cash, with denominations of more than VNĐ10,000 and VNĐ500 billion with denomination lower than VNĐ10,000 to ensure cash circulation in the city.
For the Tết season, which falls on February next year, cash supply, including new banknotes that serve as lì xì or the giving of lucky money, has been secured, Lâm said.
Nguyễn Hoàng Minh, deputy director of SBV’s HCM City branch, said the branch has also asked commercial banks and card issuers to ensure smooth operation of automatic telling machines (ATMs) during Tết.
In previous years, ATMs, especially at industrial parks and export processing zones, often ran out of money and regularly broke down, making it difficult for card holders to withdraw cash, although the central bank had asked commercial banks to ensure all ATMs operated smoothly and had a sufficient supply of cash before, during and after Tết.
According to the current legal regulations, commercial banks will be fined VNĐ15 million for ATM machines that run out of cash. A fine of VNĐ10-15 million will be imposed on banks that suspend ATM operations without a 24-hour notice. — VNS