By MIRIAM MALAWA
THE Bank of Papua New Guinea’s (BPNG) Currency Department is making efforts to address the issue of damaged banknotes circulating in the country.
This was highlighted by two key officers, Senior Analyst Frank Kaupa and Analyst Poni Bayagau, during the bank’s currency gallery on Thursday.
The gallery is part of the bank’s 50th anniversary celebration, which was commemorated on Wednesday, November 1, in Port Moresby.
The department aims to ensure that the currency in circulation maintains its integrity.
Kaupa said one of the primary issues the bank is tackling is the reluctance of shops and commercial banks to accept torn or damaged banknotes.
“This reluctance stems from the cost associated with handling such notes and the need to maintain the overall quality of the currency,” he said.
“Consequently, it has become crucial for the Central Bank to retrieve damaged notes from other provinces to maintain a consistent standard.”
He said it was important to understand the extent of damaged, circulated and shortage of banknotes to manage the supply.
Kaupa said involving the public in the process was important.
“It is essential for the public to visit their banks, if they come across of have damaged bank notes,” he said.
“Producing new banknotes incurs a significant expense for the bank, making it vital to take pride in preserving the money in circulation.”
Meanwhile, Bayagau pointed that the key element in this process is ensuring that the serial numbers on the notes remain unchanged.
She said banknotes with altered serial numbers are considered to be valueless.
