BSP to collaborate with French central bank on currency management
THE BANGKO SENTRAL ng Pilipinas (BSP) has partnered with the French central bank to improve currency management.
The central bank signed a memorandum of understanding (MoU) with Banque de France to share best practices and provide technical and capacity-building assistance to improve currency operations, it said in a statement on Wednesday.
“Because we take this seriously, the BSP is proud to partner with Banque de France to enhance the quality of our currency. We look forward to tapping over a century of its experience in paper-money production and many patented security features,” BSP Governor Eli M. Remolona, Jr. said.
He said issuing banknotes and coins “remains an important part of a central bank’s responsibilities” despite the shift to digital.
“Under the five-year MoU, BSP and Banque de France will collaborate on strengthening currency and security management and production; currency demand forecasting; digital payments governance; and research and development on digital payments, banknote substrates, and high durability solutions,” the BSP said.
The two central banks will also work on “improving technology exchange; information-sharing on legal aspects of central banking cooperation; staff exchange and training; and counterfeit banknote analysis and evaluation of the counterfeit resilience of new banknotes and security features,” it added. — Luisa Maria Jacinta C. Jocson
