The popular practice of exchanging new or special banknotes for a fee kicked off several weeks ago in many big cities, with one month to go before the start of Tet (Lunar New Year).
The 50 Numismas banknote, printed with the image of chicken, is imported from Australia and sold in Asian cities as “lucky money” for the Lunar New Year 2017. (File Photo)
HCM City (VNA)ꦗ - Thepopular practice of exchanging new or special banknotes for a fee kicked offseveral weeks ago in many big cities, with one month to go before the start ofTet (Lunar New Year).
Every year, people use new orspecial banknotes as “lucky money” or charity offerings when they visit thepagoda during the Lunar New Year holiday. Weeks before Tet, families beginto prepare for the tradition by buying new or special banknotes. The notes are often freelyexchanged by banks, but due to high demand, services in the black market havebecome even busier. The note-exchange services areoften also offered near pagodas, but this year social media networks likeFacebook have become popular destinations as well. Buyers can easily find websitesonline offering the services. Notes in high demand are those of smallerdenominations, such as 500 VND, 1,000 VND, 2,000 VND, 5,000 VND and 10,000 VND.
The website www.doitienmoi.net,which offers a new money-exchange service, has told customers that it now hasenough new money for all notes from 500 VND to 200,000 VND (8.7 USD), with aservice charge ranging from 0.6 percent to 50 percent (for notes of 500 VND).
ﷺ The website offers its servicesin all provinces and cities in the southern region.
In HCM City’s Tan Binh District,a store representative said it had run out of 500 VND notes, but 10,000 VND and20,000 VND notes were still available. Notes of 50,000 VND will beavailable in about a week or so, it said. The store charges a 10-15 percent feefor its services. Meanwhile, on Facebook, similarservices exchange foreign currency, with the most popular item of 2 USD note. This year, demand has increasedgreatly for 2 USD notes printed with an image of a chicken – the zodiac animalfor Lunar New Year 2017. A Facebooker, who began receivingorders for notes last Saturday, said the 2 USD notes with an image of a chickensell for about 450,000 VND (20 USD). An Australian coin with an imageof Queen Elizabeth II and one with an image of chicken are also in high demand.The price is 200,000 VND for a gold coin and 150,000 VND for a silver coin. Although the services have becomeeven more popular this year, they remain illegal. Nguyen Hoang Minh, deputydirector of the HCM City branch for the State Bank of Vietnam, said that bankscould exchange notes freely if notes were ruined and could not be used. However, he said that all moneyexchange activities with fees were not allowed. Minh said that demand for newmoney peaked near the end of the year and up to Tet. He said the central bank had toldits branches in cities and provinces to educate people about saving small notesto use at Lunar New Year or when visiting pagodas and temples. The bank has said it wouldsupervise and punish cases that involve illegal exchanges of money at pagodas,festivals or online websites.
Dao Minh Tu, deputy governor ofthe State Bank of Vietnam, was quoted as saying in Thanh Nien (Young People)newspaper that anyone engaging in illegal exchanges would be fined 20-40million VND under Decision 96 of the Government.
🌟 This is the fourth consecutiveyear that the bank has not printed new small notes to meet demand at Lunar NewYear, according to Tu.-VNA
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The 50 Numismas banknote, printed with the image of chicken, is imported from Australia and sold in Asian cities as “lucky money” for the Lunar New Year 2017. (File Photo) 
