Vietnam banks required to meet cash demand ahead of Tet

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.

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.