The end of August the country will start to circulate new bills of ¢ 5,000, ¢ 10,000 and ¢ 50,000, said the Central Bank yesterday.
The manager of the entity, Felix Delgado, explained that at the time the new bills circulating, there will be a period of several months of “living together” in the economy between the two families of paper money.
Then the “old bills” will lose their legal tender value, but will be received as deposit or trade in commercial banks, and finally, when the bills expires the period of “cohabitation,” which still remain in circulation will only in the Central Bank.
The arrival of the new specimens had been postponed several times. The issuer had planned to launch the bills of ¢ 5,000 and ¢ 10,000 by the end of 2010, then postponed to end of 2011 and then 2012.
The amount of ¢ 50,000 bills will depend on demand through the establishment of commercial banks, however, the Central anticipates that at the beginning will be little.
With the emission of these three bills will complete the new family of six denominations. They are called “family” as they all have the items placed in the same position.
The new formulas are designed to help people with vision problems or blind.
In the new family are in the street of ¢ 1,000, ¢ 2,000 and ¢ 20,000.
Of the 20,000 bills circulating ¢ 6.2 million units, and its value corresponds to one fifth of the cash in circulation.
Response to a question of why ¢ 20,000 papers are seen recently, Delgado said that “it is natural that a large denomination bill circulated shortly, since it is used in bulk transactions.”
Asked about the quality of the new bill of 1000 colones (made of a synthetic polymer) compared to the previous, Delgado explained that the bill “old” ¢ 1,000 was made of cotton paper, absorbing moisture and dirt.
“This, because it is a denomination of low value that is used intensively in economic sectors such as the coffee harvest, agricultural fairs, informal trade, vegetable markets, among others.
These conditions are the ones that give a useful life (used in good condition) of between 10 months and one year, “said Delgado.