State Bank issues new regulations on management of newly printed money series

The State Bank of Vietnam (SBV) has just issued Circular 01/2024 regulating the management of newly printed money series of the SBV. This Circular stipulates that the management of newly printed money series for all types of SBV paper money is carried out from the time the series is issued, the use of the series in the money printing process until the newly printed money is released into circulation.

The Circular clearly states the principles of serial printing in the money printing process. For the types of money that the State Bank announced to issue before 2003, the serial includes the serial number and a natural number sequence of 7 digits printed from 0000001 onwards.

For the types of money that the State Bank of Vietnam has announced to issue from 2003 onwards, the series consists of a serial number and a natural number sequence of 8 digits, in which the 2 digits adjacent to the serial number are the last 2 digits of the year the banknote was produced, the next 6 digits are a natural number sequence printed from 000001 onwards; each banknote has its own series.

Printing and minting establishments shall print banknote series according to the above principles. In case a damaged banknote is discovered after the serial printing stage, the printing and minting establishment shall use a banknote with a sub-rhyme to replace it.

The principle of using alternative sub-rhymes is implemented according to the regulations of the printing and minting establishments; the printing and minting establishments organize the storage and management of serial information of each type of money (including sub-rhymes) to ensure the accuracy and completeness of the elements recorded on the seals of newly printed envelopes, packages, bundles of money or other packaging specifications prescribed by the State Bank, including elements such as printing and minting establishments, types of money, serial rhymes, and year of production.

Finance - Banking - State Bank issues new regulations on management of newly printed money series

Circular regulating the management of newly printed money series during the process of delivering and receiving money, specifically, printing and minting establishments deliver newly printed money to the State Bank (Department of Issuance and Treasury);

Delivering and receiving newly printed money between Central Treasurys; delivering and receiving newly printed money between Central Treasurys and Transaction Offices and State Bank branches; delivering and receiving newly printed money between State Bank branches.

The party delivering newly printed money must make a list of the serial numbers of the money types according to regulations, attached with the money delivery and receipt minutes or delivery note.

The recipient is responsible for checking and comparing the contents of the list with the actual delivery; in case of detecting any errors, the recipient must notify the delivery party to agree on adjustments, ensuring that they match the actual delivery.

When transferring newly printed money from the Issuance Reserve Fund to the Issuance Operation Fund at the State Bank branch and vice versa, the warehouse keeper on the delivering side shall make a list of the serial numbers of the money types according to regulations.

The receiving warehouse keeper is responsible for checking and comparing the contents of the list with the actual delivery; in case of detecting errors, the receiving party must notify the delivering party to agree on adjustments, ensuring that they match the actual delivery.

The serial list is signed by the warehouse keeper of the delivering party and must accurately show the following elements: Delivering party, receiving party, currency type, quantity, serial number, year of manufacture, symbol of the package, bundle of money or other packaging specifications as prescribed by the State Bank. This list is made in 2 copies, each delivering and receiving party keeps 1 copy. The Circular takes effect from May 14, 2024.

A seri rhyme is a word composed of 2 of the 26 letters (including: A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z). A seri rhyme includes main rhymes and secondary rhymes.

The main rhyme is the serial number used to print on banknotes according to the quantity and structure of the annual printed money. The secondary rhyme is the serial number used to print on banknotes that replace damaged banknotes .

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