Vietnam central bank denies rumors of 'new currency system'

TN News

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Vietnam's central bank has denied rumors of plans to create a "new currency system." Photo courtesy of Lao Dong

The State Bank of Vietnam has denied rumors that a "new currency system" is going to replace the existing one.

Nguyen Chi Thanh, head of the central bank's treasury department, said the rumors could have begun because of discussions about amending the Constitution and changing the country's name.

"People have inferred that the country will need to change the money system.

"But there are no plans for any changes."

A currency system only needs to be replaced when it proves unsuitable or bills are easily counterfeited, causing a loss of confidence among people, but none of that is happening in Vietnam, he said.

He also denied rumors that VND1 million (US$48) notes will be issued since the value of the dong has eroded.

"The dong has proved quite stable."

The highest value note currently is VND500,000.

Vietnam stopped printing paper bills from the VND10,000 denomination in 2007, replacing them with polymer notes.

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