Winners of IACA Awards for Pandemic Response Initiatives

The International Association of Currency Affairs (IACA) held its Excellence in Currency awards ceremony on 23 September, at which it presented the eight nominations and announced the winners of the ‘Best Currency Initiative Implemented in Response to the Covid-19 Pandemic’.

Bangko Sentral ng Pilipinas (BSP) won the central bank award for the work it has done to ensure cash supply in the Philippines during the pandemic, whilst the Royal Canadian Mint was the winner in the supplier’s category for its Recognition Medal.

Keeping Cash Flowing in the Philippines

In October 2020 BSP started a new scheme, in partnership with the Bankers Association of the Philippines, called the Cash Service Alliance (CSA). Open to commercial banks, it allows the direct exchange of banknotes between the banks, rather than having to source banknotes only from the BSP, and was designed in response to the challenge of transporting cash during the lockdown.