On November 17, 2020, the State Bank of Vietnam (SBV) organized a virtual meeting on cash management in 2020 under the chairmanship of Deputy Governor Dao Minh Tu.
In his opening speech, Deputy Governor Dao Minh Tu emphasized that regarding the task of cash management, the SBV always pays much attention to and identify it as a critical task. According to the assessment of the SBV Board of Management, over the past time, both the SBV and the credit institutions have obtained many encouraging results in cash management. For example, the provision of cash to the economy and the quality of money in circulation have been improved remarkably; the denomination structure has met the demands of the economy; the vaulting safety and security has received much attention and been strictly supervised in order to minimize risks.
Reporting more specifically about the implementation of cash management and ensuring vaulting safety and security, Director General Nguyen Anh Tuan of the Issue and Vault Department shared that, over the past time, all the entities of the banking sector have strictly followed the orientations and directions of the SBV Governor on the tasks of monetary and vaulting management, proactively implemented the set out measures and tasks. The work of issuance and provision of cash has been enhanced, ensuring to meet the demands for all different denominations in circulation.
Director General of the Issue and Vault Department delivers a report at the meeting
The credit institutions have focused on investing in infrastructure, advanced equipment, improving the quality of the ATM services. The number of ATMs has been increasing steadily over the years. By the end of the third quarter of 2020, the total number of ATMs reached 19,059. Cash transactions within the credit institutions have also gained encouraging results in the direction of decreasing the SBV’s participation in the cash supply chain and improving the proactiveness of the credit institutions in transferring and using their own capital resources.
At the meeting, representatives from several SBV entities and SBV municipal and provincial branches, the state-owned commercial banks, etc. presented the results of their cash management and vault safety & security operations over the past time, and made some recommendations for the improvement of these tasks in the coming time
An overview of the meeting
In his conclusion at the meeting, Deputy Governor Dao Minh Tu acknowledged and highly evaluated the contributions of the officers and staff involved in vaulting safety and security. The SBV Deputy Governor requested all relevant entities to continue renovating the mechanisms of cash management; enhance the SBV's supervision and inspection related to the vaulting safety and security, the compliance with the regulations on cash management; ensure the appropriate destruction of unqualified money in circulation in conformity with the regulations; pay attention to and fully equip facilities and means of transportation to ensure the vaulting safety and security.
Le Hang