The State Bank of Viet Nam will expedite the elimination of substandard banknotes out of circulation in 2015. — Photo voh

HA NOI (Biz Hub) — To improve the quality of banknotes and reduce pressure on storage vaults, the State Bank of Viet Nam will expedite the elimination of substandard banknotes out of circulation in 2015.

The Deputy Governor of the central bank, Dao Minh Tu, said during a meeting on Tuesday that the volume of banknotes due to be destroyed in 2015 for not meeting standards for circulation will be 2.5 times higher than that of last year.

This reflects the central bank's efforts to enhance the quality of banknotes in circulation in response to complaints about the quality of polymer banknotes.

Tu said the supervision for destroying poor-quality banknotes needs to be tightened to meet the goal.

The central bank had earlier reported that the goal for last year had been fulfilled and the safety of the State property ensured.

According to Circular 02/2014/TT-NHNN, which regulates the destruction of damaged banknotes, the process must ensure the absolute safety of the State property. After destruction, damaged banknotes must be turned into waste that cannot be recovered.

The damaged banknotes must be counted carefully before they are destroyed. — VNS