Vietnam central bank dispels coin recall rumor
Vietnam central bank dispels coin recall rumor
The State Bank of Vietnam (SBV) has yet to issue any directive on recalling the Vietnam dong coins, Le Thi Thanh Hang, deputy director of the SBV’s branch in Ho Chi Minh City has confirmed.
The announcement was made after many small traders in Binh Tien market in District 6, and Cho Lon (Lon Market) in District 5 refused to receive payment in coins, following a rumor that the government will withdraw all coins in the market and stop their circulation as of May 27.
“A coal seller refused to take my coin, and other traders just do the same,” said Tuan, a market-goer.
Hang added that in case the coins are slightly damaged or rejected from payment, consumers can use them for purchase at post offices or supermarkets, or exchange for newer ones at banks or the state treasury.
The Vietnamese coins were reinstated in late 2003, under the government’s bid to increase automatic payment for vending machines. The new coins are in denominations of 200, 500, 1,000, 2,000, and 5,000 c.
Exciting to see the coins reappear after many years at first, local residents however soon considered them inconvenient as the coins easily drop out of the pockets or become tarnished.
The SBV has stopped issuing new coins since 2010 due to the rising steel prices, which made it costlier to produce coins than polymer banknotes.
Besides, coins in denominations of 200 and 500 dong are of little use amid this time of skyrocketing prices.
Tuoi Tre
