Banks ensure sufficient cash for yearend surging demand

The State Bank of Vietnam (SBV) has in writing instructed credit institutions to ensure sufficient cash supply to meet increasing demand ahead of the Tet holiday, said deputy director of SBV branch in HCMC Nguyen Hoang Minh.

The woman withdraws cash at an ATM in HCMC (Photo: SGGP)

Reporting to the Economics-Budget Committee of the city People’s Council yesterday morning, Mr. Minh said that banks had been required to increase the supply of banknotes of low nominal values for citizens' Tet spending.

They should prevent ATMs from stopping service because of cash shortage. Any machine problem occurring due to suddenly high cash withdrawal at the same time must be handled within 24 hours unless banks will be held responsible according to regulations.

SBV HCMC has pledged enough cash supply in both volume and nominal values for citizens and businesses during the Tet holiday.

In addition, the branch has asked banks in the city to supplement ATMs posts at export processing zones and industrial parks to reduce pressure for the existing ATMs in the peak season. They should send staff to businesses to directly pay workers in days near the Tet festival.

According to SBV (branch) in HCMC, it has been able to meet the already high cash demand in December 2016 with the total volume estimated to increase 42.2 percent over November and 3.7 percent over the same period last year.

By Hanh Nhung – Translated by Hai Mien

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