31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Vietnam banks required to meet cash demand ahead of Tet
Phi Nhat-Tram Anh 21:58, 2021/02/01
Relevant agencies are required to strengthen inspection, detect and strictly handle violations in foreign/cash exchange trading, according to the State Bank of Vietnam.

Vietnam’s banks are required to ensure enough cash for people as the demand for cash rising ahead of Tet holidays, causing many ATMs to be out of service.

 Vietnam banks are required to meet cash demand ahead of Tet holiday. Photo: Cong Hung

It is one of the requests made by the State Bank of Vietnam (SBV) to ensure the safety of banking operations during the Lunar New Year. 

According to Document No. 684, the SBV requested its branches in provinces and cities to be responsible for providing cash to credit institutions, foreign bank branches, and the local state treasury to ensure the smooth monetary circulation and absolutely prevent the shortage of cash.

The SBV has also required credit institutions and foreign bank branches to proactively build appropriate cash plans to timely meet cash needs of customers both in terms of value and denominations, closely monitor the progress of cash collection and spending at the branches to promptly meet the demand for cash before, during and after Tet.

The SBV’s branches are asked to conduct payment services for production, business, import and export activities; proactively meet the requirements about international payments for foreign-invested enterprises, importers and exporters during holidays; ensure the stability and safety of electronic payment services and card payments.

The concerned agencies are required to strengthen inspection, detect and strictly handle violations in foreign/cash exchange trading, according to the Document. 

TAG: cash demand Tet holidays
Other news
18:21, 2022/21/08
Vietnam's positive outlook lures foreign investors back to stock market
The central bank’s flexible management of monetary policy and the return of capital into markets around the world would have positive impacts on Vietnam’s market.
20:42, 2022/42/04
Banking industry urged to complete digital transformation legal framework
The banking industry needs to continue investing in shared payment and credit information infrastructures.
15:40, 2022/40/04
VND remains most stable currency in region: Report
With the internal strength of the currency and the central bank's flexible management, the VND is expected to depreciate by a maximum of 3% in 2022.
13:07, 2022/07/31
Big techs pay Vietnam US$20 million in taxes in three-month period
Vietnam is now among the first four Southeast Asian countries collecting taxes from offshore service providers that currently do not have a representative office in the host country.
10:01, 2022/01/29
Vietnam’s consumer demand for gold surges 11%
The surge in gold demand comes from fears of inflation and the weakness of the Vietnamese dong.
18:06, 2022/06/27
Vietnam’s Q3 GDP growth at 10.8%: Standard Chartered
Standard Chartered economists expect the State Bank of Vietnam (SBV) to keep the policy rate on hold at 4.0% in 2022 to support economic growth and businesses, despite rising inflation.