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Wednesday 12 July 2023 | Written by Losirene Lacanivalu | Published in Economy, National


Obsolete notes bounce back on Raro
A number of the obsolete notes were presented at Track Jacks 23071110

A number of NZ$20 notes which are not accepted by the banks have been circulating on Rarotonga.

Trader Jacks director Chris Douglas alerted Cook Islands News, saying the business had received two $20 notes passed over the bar.

He said they had not been accepted by the bank.

While not counterfeit, Douglas said they are no longer accepted by the banks and had been taken out of circulation to stop the gangs stockpiling.

He said the customer who presented the notes returned the same week and gave staff the correct cash.

“And he had a whole wallet of them, telling the staff he had been using them all around the island.”  

He added that both ANZ and BSP had informed him that they were no longer in circulation and not legal tender.

He was yet to hear from BCI.

Bank of Cook Islands (BCI) Ron Patia, the Manager Customer Services and Marketing said BCI currently accepted the series 5NZD notes but will not circulate. 

"In practice the series5 and earlier banknotes will be rejected by ATMs and possibly by a retailer.  We advise customers to be guided by RBNZ on what to do with their old banknotes".

ANZ Bank Country Head Jason Murray confirmed that ANZ does accept the notes, however they do not issue the notes for ongoing circulation.

Bank South Pacific (BSP) country head David Street said he was not aware of any such requests or acceptance.

He said: “No we won’t accept any obsolete NZD notes, any individuals with such bills best be guided by Reserve Bank of NZ (RBNZ).”