Decree No. 015/SL Regarding the Permission for the State Bank to Issue New Currency to Replace Existing Currency

DECREE-LAW

OF THE PRESIDENT OF THE COUNCIL NO. 015/SL DATED FEBRUARY 27, 1959

THE PRESIDENT OF THE DEMOCRATIC REPUBLIC OF VIETNAM

WHEREAS the situation of prices and currency has fundamentally stabilized, and the national economy in North Vietnam is currently on a path of development following significant victories during the economic recovery period and the first year of the three-year plan;

CONSIDERING that it is necessary to further consolidate the currency to promote the transformation and development of the socialist economy, thereby strengthening North Vietnam in all aspects as a solid foundation for the cause of national reunification;

PURSUANT TO the resolution of the Council of Ministers;

ISSUES THE DECREE-LAW:

Article 1

The State Bank of Vietnam is authorized to issue new currency.

The newly issued currency includes banknotes in denominations of ten dong, five dong, two dong, one dong, five hao, and one hao, as well as coins in denominations of five xu, two xu, and one xu made of metal or paper.

Article 2

The unit of currency changes at the ratio of one new State Bank dong to one thousand old State Bank dongs.

Article 3

In accordance with the above ratio, exchange all types of old banknotes issued by the State Bank.

Article 4

The Prime Minister shall implement this decree-law.