BY JENNIFER KUSAPA
The Central Bank has urged public to take care of bank notes (cash) to ensure they last and to avoid the cost of printing new ones.
Governor of Central Bank (CBSI), Dr Luke Forau, emphasised the importance of handling bank notes with extra care to ensure their longevity and to save on the costs associated with frequent replenishment.
Forau said statistics have revealed that banknotes often do not last as long as their expected durability due to poor handling practices.
“Do not squeeze the bank notes,” Forau said.
He said that the Central Bank has observed a need to replenish their stock as the bank receives and destroyed notes just over three months.
This frequent replenishment not only incurs substantial expenses for the Central Bank but also contributes to the depreciation of the country’s foreign reserves, Forau said.
Forau urged the public to be mindful of the impact of their actions on the lifespan of currency notes. Printing new currency is a costly process, and the continuous need for replacement notes strains the financial resources of the Central Bank.
He asked the public to use wallets as a means to protect and preserve banknotes. By using wallets, individuals can contribute to maintaining the durability and cleanliness of the currency. Additionally, he cautioned against squeezing or mishandling the notes, as such actions can significantly shorten the lifespan of the currency.
He strongly called on the public to handle currency with extra care, recognising that responsible handling practices not only contribute to the longevity of banknotes but also play a crucial role in saving costs for the Central Bank and preserving the country’s foreign reserves.
