Damaged currency will be replaced

The State Bank of Vietnam , commercial banks, and the state treasury would exchange damaged currency notes, Vu Huy Toan, deputy director of the central bank in HCM City, assured.

Though banks are expected to exchange damaged notes, the truth is that many tellers simply refuse to take them.

Toan said: “We encourage people owing damaged notes to bring them to banks. The HCM City branch of the SBV will ask head office to have a more flexible exchange policy.”

Since the central bank issued polymer notes to replace paper currency a few years ago, 10,000 VND and the 20,000 VND notes had been the most damaged since they had been used the most and with less care than larger-denomination notes, he said.

But they were rarely brought to be exchanged because of the high demand for them and low value, he said, providing banks few opportunities to take badly damaged notes out of circulation.

Damaged notes are divided into three categories based on the extent of damage.

Those damaged by fire or chemicals will also be exchanged, but for a 4 percent fee.

vna

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