SBV to set up cash issuance reserve fund

The State Bank of Vietnam (SBV)’s governor on August 9 issued a Circular No 23/2012/TT-NHNN ruling the cash regulation regime and cash transactions.

The circular gave provisions on the cash regulation regime in the central bank’s system, cash transactions between the central bank and credit institutions, branches of foreign banks, State Treasury and involved organisations and individuals.

According to this Circular, the central bank will set up an issue reserve fund to manage the cash reserves and engage in the cash issuance operation to meet cash needs of the economy, the demand for money issue reserve, replacement demand for money that is not qualified for circulation and money suspended from circulation.

The issuing reserve fund will be managed at the central money warehouses and the money warehouses of the central bank’s branches in provinces and cities that are directly under the central government.

This Circular will take effect from September 24, 2012.

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