Vietnam - Cash supply via ATM system surges to nearly 60tr dong in Jan

As calculated by Smartlink Card Services Joint Stock Co, the demand for cash withdrawal transactions via ATM system surged sharply during the days prior to Lunar New Year (Tet) holiday, according to the local newspaper Thoi Bao Kinh Te Saigon (Saigon Economic Times Online).

Especially, in 10 peak days of January 2012 (from January 9 to 18), banks provided cash to each other averagely by over 200 billion dong per day.

Notably, in the first days of two weeks prior to Tet, banks provided cash to each other averagely over 300 billion dong per day, four-fold increase against normal days during the year. The total amount of cash provided to each other by banks in January 2012 is estimated at 5.4 trillion dong.

As estimated, the total amount of cash provided to each other by banks accounted for only 10% of the cash supply via ATM system of banks nationwide. Thus, according to Smartlink, the total cash supply through the ATM system of banks in January 2012 is estimated at nearly 60 trillion dong.

Smartlink is currently running clearing information processes system amongst 35 member banks, airlines, telecommunications and large enterprises, switching systems and international card organizations in Vietnam.

VietBiz24

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