Exchange services for new banknotes to be used as “lì xì” or lucky money during the Tết (Lunar New Year) holiday are booming ahead one month before the holiday.
Prime Minister Nguyen Xuan Phuc has asked the State Bank of Viet Nam to step up its management to ensure the reasonable use of small banknotes as Tet (Lunar New Year) approaches.
The State Bank of Viet Nam (SBV) expects to save around VND400 billion (US$17.7 million) by not issuing new small-value banknotes during the Tet holidays.
The Prime Minister Nguyen Xuan Phuc on Tuesday directed the Ministry of Public Security to trace the person who spread the rumour that Viet Nam would replace the current banknotes with new ones.
The State Bank of Viet Nam (SBV) will not issue new banknotes with denominations lower than VND5,000 (22 US cents) for the Tet (Lunar New Year) holiday to save costs.
The State Bank of Viet Nam does not plan to issue new banknotes with
denominations lower than VND5,000 (23 US cents) for the Tet (Lunar New
Year) holiday, to cut costs.
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.