Vietnam bank Governor admits polymer currency errors
 

Thanhniennews.com

By Hoang Ly

October 2006

Vietnamese State Bank Governor Le Duc Thuy Wednesday admitted that there were problems with the nation’s polymer bills, but stressed that they were not due to the printing technology. Talking with local reporters Tuesday morning, Thuy said such errors, like the missing period while writing ‘10,000’ on the VND10,000 bill, should not have occurred. “We admit responsibility for those mistakes and have gained experience to better the upcoming publishing of a new series of currency, ensuring the unity of polymer money quality,” he said. Regarding the difference in sizes of the polymer bills of the same denomination, Thuy stressed this was still within the permissible level for technical errors according to the money printing standards. “It was not due to printing error,” he said, adding the cotton-paper notes in circulation also had allowable errors.

Asked about a VND500,000 polymer bill found not to have the pattern printed with optically variable ink (OVI) as regulated, the National Money Printing Factory affirmed that this note incurred an error during the printing process. “However, this was an isolated case, not due to the mistake of the whole system or technology,” Thuy said. The bank governor also highlighted the durability of thepolymer currency, affirming that the polymer notes would never be smeared if being kept in ordinary condition. Asked about the possible higher charges when Vietnam relies on only a supplier of paper for printing polymer currency, Thuy said that company pledged to supply adequate quantity of paper for Vietnam with agreed prices. “But suppose it breaches the commitment and asks us to pay higher prices for its money printing paper we are able to reprint the cotton-paper money without changing the production line,” he said. “We already had a plan to prepare for all possible contingencies and reported it to the government.”

Denials

Answering about the role of BankTech Co., whose deputy head is Le Duc Thuy’s son, the bank governor said the government inspectors were conducting a probe into many matters at the State Bank, including the allegation that BankTech was a go-between in the printing of polymer currency. “I once affirmed before the National Assembly and now I still affirm that BankTech was not the intermediary in printing money and cashing coins as well as in importing materials and machinery for printing money.” Thuy said. He added all transactions were made directly with the supply companies and BankTech was not a representative of those enterprises.