On September 10th, 2025, the Central Bank issued intermediate circulars 742/13749 and 743/13750 to modify basic circulars 159/13353 and 109/9668 respectively.
Intermediate circular 742 states that banks must make sure, when issuing bankers or certified checks in LBP, that the purpose of the check issuance is legitimate such as for personal or commercial reasons, such as paying taxes, etc…). Thus, these checks won’t result in speculation on the national currency. Also, the statement “Only Payable for the First Beneficiary” should be printed on the checks.
Intermediate circular 743 states that the proceeds from the payments in LBP cards for individual customers through local POS machines are not subject to any kind of restrictions or commissions. These proceeds can be withdrawn in cash also.
It is to be noted that both new intermediate circulars are effective upon issuance and published in the official gazette.
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