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Counterfeit money in circulation is in downward trend
Many central banks have confirmed their experience that the amount of counterfeit money collected by the banking sector plays an important role in knowing the level of counterfeit money in circulation. The amount of counterfeit money collected by the banking sector and the State Treasury in 2008 tended to decrease as compared to 2007.
According to statistics announced by the State Bank of Vietnam (SBV), the total amount of counterfeit money collected by the banking sector and the State Treasury in 2008 ( by number of banknotes) was only equivalent to 81.9% of that of 2007. The counterfeit banknotes were mainly those of denomination of VND 100,000 (accounting for 32.5%) and VND 50,000 (accounting for 30.5%). The counterfeit cotton paper banknotes only accounted for 9% thanks to the termination of circulation of VND 100,000 and 50,000 cotton paper banknotes since September 1st, 2007.
In coordination with such agencies as the Ministry of Public Security and the Frontier Defence Forces in the fight against counterfeit money crimes, the SBV has taken several measures against counterfeit money, especially by organizing anti-counterfeit money training courses for cashiers and other staff of commercial banks. In 2008, SBV coordinated with the mass media to educate the public and launch a campaign against counterfeit money. In addition, SBV published a book titled “Vietnamese banknotes and authentication” to provide guidance on how to recognize counterfeit money, the anti-counterfeit money regulatory documents, and measures to combat counterfeit money crimes.
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