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Banks, customers shun coins in Vietnam
mrearlygold
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Banks, customers shun coins
Most domestic commercial banks are unhappy with the State Bank of Vietnam (SBV) over its decision to increase the circulation of coins last week. The State Bank is imposing coins on the populace. No one has the right to refuse accepting coins, according to bank leaders, who wished to remain anonymous.
Last week, the State Bank started transferring a large volume of coins to commercial banks. "We have no problem with coins, but our customers do, and they don't want to handle a lot of coins," said a bank official.
Some people have said they regard coins as a nuisance, and do not want to take them when buying or selling.
"The fact that the State Bank no longer issues bills with denominations smaller than 5,000 Vietnamese dong means it is forcing the people to use coins," said deputy chief executive of a joint-stock bank.
"Central bank officials will taste their own medicine when vendors refuse their VND5,000, VND2,000 or VND1,000 coins," said a personnel of a large joint-stock bank.
Even an official form the State Bank admitted the problem. "Our superiors ordered the issue of the coins," he said. "We do acknowledge that coins lose their shine fast, meaning its quality is depreciating." He added all people know in their mind that increasing coin circulation is not a good idea as people are not used to them, and it's inconvenient to keep them. Source: VDC
Most domestic commercial banks are unhappy with the State Bank of Vietnam (SBV) over its decision to increase the circulation of coins last week. The State Bank is imposing coins on the populace. No one has the right to refuse accepting coins, according to bank leaders, who wished to remain anonymous.
Last week, the State Bank started transferring a large volume of coins to commercial banks. "We have no problem with coins, but our customers do, and they don't want to handle a lot of coins," said a bank official.
Some people have said they regard coins as a nuisance, and do not want to take them when buying or selling.
"The fact that the State Bank no longer issues bills with denominations smaller than 5,000 Vietnamese dong means it is forcing the people to use coins," said deputy chief executive of a joint-stock bank.
"Central bank officials will taste their own medicine when vendors refuse their VND5,000, VND2,000 or VND1,000 coins," said a personnel of a large joint-stock bank.
Even an official form the State Bank admitted the problem. "Our superiors ordered the issue of the coins," he said. "We do acknowledge that coins lose their shine fast, meaning its quality is depreciating." He added all people know in their mind that increasing coin circulation is not a good idea as people are not used to them, and it's inconvenient to keep them. Source: VDC
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
0
Comments
Isn't this true in Canada and the US as well? I mean vendors and buyers have to accept legal tender.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Isn't this true in Canada and the US as well? I mean vendors and buyers have to accept legal tender. >>
No it isn't, there is no law or requirement in the US that anyone HAS to accept legal tender. It is purely a personal choice. If you don't wish to accept US government legal tender no one will make you.
England was having trouble with too many of the 50P coins flowing into the banks some years back. They were building up in bank inventory with nowhere to go.
Mark