State Bank steps up fight against counterfeit money

December 29, 2010 | 19:00

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The State Bank of Vietnam has approved a $500,000 project with measures to prevent counterfeit money from circulating in banks and state treasuries.

Counterfeit VND500,000 note has no watermark

The project is aimed to facilitate the capacity in counterfeit money detection for cashiers and banking transactions through training courses, certificates in money appraisers and installation of necessary equipment to detect counterfeit money.

The project, to be carried out from now to 2015, will also include communication activities via mass media to enhance public awarness of the ways that criminals often use counterfeit bills and how to distiguish between real and counterfeit money.

According to the State Bank of Vietnam, the total number of counterfeit banknotes collected by the banking and state treasury system in 2009 dropped by 3 per cent against 2008 and nearly 20.5 per cent compared to 2007.

In 2004, polymer banknotes were issued.

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