Following the recent increase in the number of applications submitted to the Central Bank of Cyprus for the exchange of damaged euro banknotes, the public is reminded that the storage of banknotes in residential and / or other private premises poses serious risks of loss of either the banknotes themselves or their value due to partial or total destruction.
In particular, banknotes which, for whatever reason, have been damaged (i.e. partially burned, stained, impregnated due to humidity or otherwise, etc) may not be exchangeable, and therefore, be of no value, if more than 50% of the banknote has been destroyed or damaged to such an extent which renders the verification of their authenticity impossible.
In addition, the storage of banknotes in places where physical security is insufficient poses risks of loss due to theft, fire or inadvertent or accidental destruction.
Consequently, the public is encouraged to take seriously into account such risks when deciding to store banknotes in residential or other premises.