During the working visit to Ho Chi Minh City, Deputy Governor Dao Minh Tu and several Departments’ leaders of the State Bank of Vietnam (SBV) had a meeting with the SBV Ho Chi Minh City Branch on the cash situation and operations of the People Credit Funds in the location.
On August 9, 2018, at the meeting with the SBV Ho Chi Minh City Branch and several commercial banks on the cash situation in the location, Deputy Governor Dao Minh Tu pointed out some inadequacies in the current cash management and regulation. According to the Deputy Governor, in the coming time, together with the measures to promote the development of non-cash payments, the SBV will strengthen measures to better manage the use of cash, switching from servicing to cash services, forming a cash supply center of the SBV in the transactions with the commercial banks.
The Deputy Governor requested the Issue and Vault Department and the SBV Branch to closely monitor the cash situations in Ho Chi Minh City, ensuring sufficient and timely cash supply on the demands of the credit institutions and the State Treasury in terms of both quantities and structure of face values. The SBV Branch shall further strengthen the selection process and the exchange of money not qualified for circulation; ensuring absolute safety of the treasury; having an appropriate plan of cash transactions with the commercial banks in the location, ensuring safety; Strengthening the inspection and supervision of the credit institutions concerning their observance of the regulations on safety in cash transactions and vault...
Deputy Governor Dao Minh Tu suggested that the commercial banks in the location need to focus fully and to meet on a sufficient and timely manner the demands for cash of the city, with particular focus on ensuring the timely supplies of cash and the structure of face values for the ATM system; ensuring absolute safety in cash transactions. The commercial banks which have established cash transaction centers, cash transaction hubs must have clear operational rules in order to ensure the safety, especially the mechanism of preservation, delivery and receipt of cash; actively ensuring the structure of cash put into circulation; paying attention to the prevention of counterfeit money; enhancing the responsibility for ensuring the quality of money in circulation, the tallying, delivery and receipt cash; strictly observing the regulations on safety assurance of the vault facilities; intensifying the supervision and reviews of the regulations, internal rules in order to promptly detect and handle with any inadequacies and loopholes which may lead to risks and unsafety with the vault; closely coordinating with the SBV Branch in handling with any emerging cash situations…
VA