BSP calls for criminalisation of ‘extreme’ coin hoarding
Proposal comes as police seize hoard of 50 million pesos worth of pennies
The Central Bank of the Philippines (BSP) has called on politicians to ban the hoarding of “extremely large” volumes of coins.
“Coin hoarding results in the inefficient circulation of coins and prevents their primary use as [a] medium of exchange,” said the BSP in a statement published on October 3.
Hoarding can also result in inefficient transactions and a shortage of coins, ultimately disrupting the financial system, said the central bank.
The renewed proposal – Congress has previously
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