VIETNAMESE BUY SPECIAL BANKNOTES FOR TET

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V19 2016 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 19, Number 4, January 24, 2016, Article 27

This article from Viet Nam News describes the various special banknotes that are all the rage in Ho Chi Minh City for gifts for Tet, the Lunar New Year. -Editor

Currency exchange shops are busier than ever as the Tet (Lunar New Year) nears. With such demand, the likelihood of overcharging customers increases.

In HCM City, money changers are offering newly minted notes of VND500 (2 US cents) to VND10,000 ($0.45) for a fee that is between 9 and 16 per cent of the value of the note.

"Most customers want only VND500 and VND1,000 ($0.05) notes. The fee is 16 per cent and notes of VND10,000 are around 6 per cent," an owner of currency shop in Phu Nhuan District said.

Most people prefer new and smaller banknotes for donations to pagodas. For use as lucky money for Tet, they buy notes of VND10,000 and more.

"My money exchange service often reaches VND600 million ($27,000) in sales one month before Tet. I can earn around VND100 million ($4,500) profit," he said.

Currency shops in wholesale markets, such as Ben Thanh Market and Tan Dinh Market, are offering "money trees" of different sizes for sale.

Trees with many folded VND5,000 and 10,000 "flowers and leaves" sell for 1 million each.

Customers are also interested in buying collections of notes from Bhutan, Myanmar and Brazil, printed with four animals called the Four Holy Beasts, including the dragon, qilin, turtle and phoenix. The notes are seen as auspicious symbols.

Vendors charge VND170,000 (over $7) for a set of four bills, over 10 times higher than the exchange value.

The 10 trillion banknote of Zimbabwe and a note printed with boats and sails reflecting luck and success of the Maldives sell for VND100,000 ($4.5) each.

Money changers online are also taking advantage of Tet to charge higher fees for newly minted notes.

Several websites offer "lucky money" exchange services, selling American, Australian and Indonesian banknotes and coins printed with monkeys to celebrate the coming lunar year, the Year of the Monkey. These special products sell for VND100,000-450,000 ($20) each.

I read earlier this month that the State Bank was not going to print more new low denomination notes for Tet. Many young collectors have bought up all of the bricks of 1000 notes looking for "good" numbers; their birthday, the Tet date, etc. The left-over notes they sold to exchanges and they are selling them at a pretty good percentage over face. I have been looking for the high denomination uncirculated notes with recent dates to add to my collection but I have not yet found all I want. It seems the State Bank is cutting back on printing all new notes because there are likely enough notes for the economy.....but not for collectors and for Tet presents!

To read the complete article, see:
Money changers up prices for Tet holiday (http://vietnamnews.vn/life-style/281369/money-changers-up-prices-for-tet-holiday.html)