BSP: Banknotes supply 'adequate' for Christmas season
MANILA, Philippines — The Bangko Sentral ng Pilipinas on Monday assured the public there is adequate supply of currency in line with the seasonal demand for fresh banknotes during the Christmas season.
In a statement, the BSP added that the country’s banknotes supply also remains sufficient to meet the needs of the economy.
The central bank also said it continues to educate the public on the proper handling of banknotes under its nationwide “Clean Note Policy” to extend the life span of banknotes and minimize the cost of producing currency.
“Similar to the practice of other central banks that print their own currency, the BSP partially outsources the production of banknotes to meet surges in currency demand under domestic procurement regulations or international competitive bidding processes,” the BSP said.
The central bank has said it was confident it could raise the share of cashless transactions in the country to 30% from the original target of 20% by next year. — Ian Nicolas Cigaral
- Latest
- Trending
