No more coins for now: central bank

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The State Bank of Vietnam has temporarily stopped issuing metal coins, saying it needs to improve the quality of the coins.

Governor Nguyen Van Giau said in a statement on the bank's website that the State Bank has submitted a report to Prime Minister Nguyen Tan Dung on the shortcomings of coins as a mode of payment. Giau did not enumerate what the shortcomings were.

The State Bank of Vietnam resumed issuing coins in December 2003 in denominations of VND200, 500, 1000, 2000 and 5000. The move was aimed to make it more convenient to buy goods from vending machines.

However, there are very few vending machines around the country, which makes coins largely redundant. Tuoi Tre newspaper reported on Tuesday that coins were not favored also because of their poor quality.

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