Traders whose notes did not conform with the regulations will have to wait for direction from the PM
Addressing a press conference on Feb 14, Thanh said that the State Bank had issued an official dispatch to the Quang Ngai Branch requesting the branch, and other banks in the area, to quickly proceed with the exchange.
According to the SBV, the bank also sent a team of experts to Quang Ngai in order to assist with checking of the money brought by traders for exchange.
Thanh added that, in order to avoid fraud, Quang Ngai Branch would coordinate with relevant agencies to make a list of traders whose notes did not conform with the regulations. The list would then be sent to the governor for direction from the PM on how to proceed with these cases.
He also explained that, in order for any note to be exchangeable, it must be at least one-third undamaged, and have security signatures intact to prove that it is real.
By Tuesday afternoon, many traders had already received new notes in return for their burnt ones. Only one case, involving paper notes worth of VND 436 million, did not meet the regulations. This case is still on hold.
In addition to the money exchange, the SBV is also calling on local banks and other lenders to allow traders to borrow at preferential interest rates so they can resume their businesses quickly.
Thanh also suggested lenders permit the traders to defer scheduled payments on existing debts.
The fire at Quang Ngai Market caused no casualties, but destroyed nearly all the inventory of 424 traders. The damage is estimated to be VND200 billion (US$9.6 million), according to the market's managers.
