GSB to replace damaged banknotes

The service is a cooperative venture between the Bank of Thailand and the GSB, aiming to facilitate consumers who cannot access such services at commercial banks.

People will be able to exchange their old notes, such as those that are torn or burnt, for new ones every day at the new service desk at every branch of the GSB countrywide, from August 1. Pairat Nakapa, senior vice president of GSB's Finance Department, said the new facility would not interrupt the bank's overall service.

According to its estimate, each branch should have to change 10 banknotes daily on average. The burden would therefore not be heavy for the branches, it said.

According to the Bank of Thailand, 216,290 damaged banknotes worth Bt5.5 million were recorded in the first half of the year.

But not all damaged notes will be exchangeable at GSB branches.

Notes must retain at least three-fifths or 60 per cent of undamaged area to qualify for the exchange. If customers have notes damaged to a greater degree, they would need to apply for new notes at the central bank itself.

Chittima Duriyaprapan, senior director of the Bank of Thailand's Banknote Issue Department, said it has received many complaints from consumers who could not exchange damaged money at commercial banks.

"The central bank has already asked for the banks to give the money-exchange service every Wednesday, but they could not provide a full service," she said.