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New Money Circulating in Costa Rica, Get Ready to Change Your Bills

Article Summary:

Starting late August, Costa Rica will circulate new banknotes of ¢ 5,000, ¢ 10,000 and ¢ 50,000. Old bills will be accepted for a period of time as deposit or trade-in at commercial banks, but following the dual-circulation period, remaining denominations will only be accepted by the Central Bank.

Photo Credit: Nacion

Original Article Text From Nacion via Google Translate :

New tickets ¢ 5,000, ¢ 10,000 and ¢ 50,000 circulated in August

In late August start to circulate new banknotes of ¢ 5,000, ¢ 10,000 and ¢ 50,000, said yesterday the central bank.
The manager of the entity, Felix Delgado explained that, as was usual, from the new banknotes in circulation, there will be a period of several months of “living together” in the economy between the two families of paper money.

Then the “old” lose their legal tender value, but will be received as deposit or trade in commercial banks, and finally, overcome this period of “cohabitation,” which still remain in circulation will be received only at the Bank Central.

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 late 2011 and after 2012.

The amount of ¢ 50,000 tickets that will depend on demand through the establishment of commercial banks, however, the Central anticipates that at the beginning will be small.

With the release 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 impaired vision or blind.

In the new family are in the street of ¢ 1,000, ¢ 2,000 and ¢ 20,000.

Of the 20,000 tickets circulating ¢ 6.2 million units, whose value corresponds to a 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.”

¢ 1.000 damaged tickets. Of the 1,000 new tickets ¢, from June 2011 to date (13 months) have been put into circulation 23 million formulas.

Asked about the quality of the new ticket (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, which made him limp.

“This, as a designation of low value that is used intensively in economic sectors such as the coffee harvest, agricultural fairs, informal trade, vegetable markets, among others, conditions were to offer a lifetime (use good state) of between 10 months and one year, “said Delgado.

The new bill of ¢ 1,000, in 13 months have circulated formulas 23 million, of which 135,000 deteriorated (including the commercial banks to report). That is, 6 tickets for every 1,000 units in circulation.

Delgado added that in analyzing the type of damage, much was damaged intentionally by the user, some people were cut, others were burned with cigarettes, and even have aplanchado have warmed in the microwave.

Of the notes of the “old” family in the denomination have been removed 17 million formulas.

Link to Original Article:

From Nacion

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