The State Bank of Vietnam must preserve new kinds of money unissued, money in circulation

According to Article 13 of Decree No. 40/2012/NĐ-CP of Vietnam’s Government, principles of preserving money, valuable property and valuable papers are specified as follows:

- Money, valuable property and valuable papers in the system of the State Bank, branches of foreign banks and credit institutions shall be preserved in money vaults; classified, counted, packed, sealed, and stored in separate areas in the money vault.

- Vaults shall be constantly guarded and protected 24/24.

Concurrently, Article 14 of Decree No. 40/2012/NĐ-CP specifies the responsibility to preserve money, valuable property and valuable papers as follows:

- Money printing and minting facilities must preserve newly printed and minted money not yet handed over to the State Bank.

- The State Bank must preserve new kinds of money unissued, money in circulation (including money unfit for circulation), money suspended from circulation, valuable property and valuable papers within its scope of management.

- Branches of foreign banks and credit institutions must preserve money, valuable property and valuable papers under their management.

- The State Bank must guide and inspect the preservation of money, valuable property and valuable papers.

Moreover, Article 15 of Decree No. 40/2012/NĐ-CP specifies the construction and management of vaults as follows:

- The State Bank shall issue technical standards for money vaults and regulations on the management of the money vaults in the system of the State Bank, branches of foreign banks and credit institutions.

- The State Bank shall build central money vaults and money vaults of provincial branches of the State Bank for preserving money, valuable property and valuable papers under its management.

- Branches of foreign banks and credit institutions shall build money vaults for preserving money, valuable property and valuable papers under their management.

View more details at Decree No. 40/2012/NĐ-CP of Vietnam’s Government, effective from June 26, 2012.

Le Vy

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