The central bank said it continues to require banks to accept unfit notes—those that are heavily creased, disintegrating or badly soiled —contrary to previous reports that these institutions will no longer accept such notes.
In a statement on Monday, the Bangko Sentral ng Pilipinas (BSP) cited BSP Circular 289, dated March 13, which stated that currency notes and coins considered unfit for circulation shall not be recirculated but may be presented for exchange to or deposited with any bank.
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