On November 12, 2024, in Hanoi, the State Bank of Vietnam (SBV) organized a virtual meeting on vault safety and cash management, as well as the orientations and the solutions for the implementation in the coming time. The meeting was chaired by First Deputy Governor Dao Minh Tu.
First Deputy Governor Dao Minh Tu chairs the meeting
Delivering his opening speech, Deputy Governor Dao Minh Tu emphasized that the cash management in general and the vault safety in particular are considered as one of the key banking operations. Over the past time, the cash management and the vault safety in the banking sector have achieved positive results.
Reporting at the meeting, Mr. Nguyen Anh Tuan, Director General of the SBV Issue and Vault Department, informed that over the past time, the entities in the banking system have closely followed the orientations and directions of the SBV, actively implemented the planned tasks and solutions and have made significant results. The SBV has constantly ensured sufficient cash supply to fully meet the circulation demands in terms of both value and denominations; strengthened the collection, exchange, and disposition of poor quality money from circulation to improve the quality of money in circulation.
Mr. Nguyen Anh Tuan, Director General of the SBV Issue and Vault Department, reports at the meeting
At the meeting, the representatives from several SBV entities, SBV municipal and provincial branches and commercial banks reported on the implementation results of cash collection and payment, and the structures of the types of money in circulation; the collection, exchange, selection and classification of cash; the vault safety in 2023 and during 10 months of 2024 at their respective entities; as well as shared some recommendations for this particular banking operation in the coming time.
Delivering his closing speech, Deputy Governor Dao Minh Tu requested the entities to continue to raise their awareness of the roles and responsibilities of the entire banking sector in cash management and vault safety; proactively review, advise the SBV in order to improve the regulations and policies on cash management and vault safety; review the structure of cash in circulation to meet the payment demands of the economy; apply advance technologies in renovating the money supply processes, etc. It is also essential to invest and modernize the facilitates used in the process of counting, selecting and classifying cash, especially at the credit institutions.
The SBV Deputy Governor also requested the credit institutions to review their internal documents and regulations on cash and vault management; strengthen the inspection and penalize strictly any violations in the system; continue to implement the vault safety, the prevention and control of fire, explosion… develop qualified human resources in cash and vault management.
For the SBV municipal and provincial branches, the Deputy Governor requested the Directors of the SBV municipal and provincial branches to strictly comply with the relevant regulations, and review the internal regulations of their respective branches; develop measures to ensure cash security and safety at all elements, especially with the vault at the branches, and implement the regulations on vault safety; apply technology, advise the SBV for the improvement of this operation; and create favorable conditions for the commercial banks in their cash-related operations, ensuring the safety of the entire banking system.
HY