BSP reminds banks to accept unfit, mutilated currency

The Bangko Sentral ng Pilipinas (BSP) on Friday issued a reminder to all banks to accept unfit or mutilated Philippine banknotes and coins from the public.In an advisory, the BSP said that “unfit” currency should be exchanged “free of charge” for fit or clean banknotes and coins.Citing its Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), the central bank said banks are required to facilitate the processing and submission of the public’s mutilated..