Question re Handling of "Bad" Peso Bills

Ken · #1 01-30-2003, 10:16 AM

The deadline for banks to exchange "bad" bills has been extended, but the government claims there will be no more extensions.

Can golo or someone with knowledge about what the government is up to tell me what recourse the holder of "bad" bills has after the last extension ends? Is the person stuck with the money? Can these bills be exchanged at a branch of the Banco de Reserva, even though the commercial banks like Banco Popular won't exchange them?

What makes me think there must be some place these bills can be exchanged was the piece in a recent dr1 news summary reporting that exchange banks are opening that specialize in exchanging bad bills for 90% of their face value. They wouldn't be doing so, I'm sure, if there wasn't some place where they could exchange this money. Wherever they will take the "bad" bills, can individuals take it to the same place to exchange?

AZB · #2 01-30-2003, 10:35 AM

Just take the bad bill to a really dumb looking cashier in the super market and give it to her. I did just that last night.
worked.

Golo100 · #3 01-30-2003, 10:49 AM

I believe this is another creation by someone in the government who wanted to make a quick killing. By now some people have become rich with this thing. If you notice, they extended the deadline once more to give ample time to speculators to suck up those dirty bills at 90% or less. Nobody wants to go to that infernal line at Banco Central and they know it.

Just follow AZB's advise because once you get stuck with them you are a dead duck. When you take money now, even from banks, the worst culprits passing bad bills, look at them carefully.

TW