Vietnam: counterfeit money seized falls 29.2% in 2012
The volume of counterfeit money seized through the banking system and the State Treasury of Vietnam in 2012 fell by 29.2% y-o-y and by 46.08% two years earlier, the local newswire Gafin.vn reported, citing data compiled by the central bank.
This marked the fifth year in a row that counterfeit money in the country fell in volume.
The amount of counterfeit money in circulation has declined in recent years after Vietnam switched to polymer notes in 2004, gradually replacing paper bills.
Earlier, the central bank reported a 23.85% on-year drop in the volume of fake notes in 2011, following a y/y sharp decline of 43.32% in 2010; a fall of 3% in 2009 and a decrease of 18.09% in 2008.
During the eight-year period [2004-2011] when polymer notes were used, the volume of fake polymer money equaled to only one-third of that of fake cotton notes collected from 1997 to 2004.
The monetary authority recommended consumers be aware of security features of authentic money and check the cash carefully during their transactions.
- Banks taking over financial firms shapes a growing trend
- SBV to boost Vietinbank, Vietcombank
- Challenges await banks this year
- Foreign capital flows to stock market may slow on dollar appreciation
- Experts: Local currency fall of 2% next year realistic
- Lending rates may inch up in Q3
- Finance ministry wants better controls on transport charges
- Remittances to HCM City top $5 billion