1,000 Peso bank note resizing
 

Radio Caracol

07.06.05

In order to save costs, facilitate its handling, and to avoid its rapid deterioration, the Bank of the Republic will reduce the size of its 1,000 Peso bank note. The change will possibly be made in the course of the next six months, according to information provided by the executive manager, Geraldo Hernández.

The bank note, which is the most widely-used one among Colombians, will retain the basic characteristics of the present one, but its size will be substantially smaller. The Bank of the Republic discounted the possibility of issuing again a 1,000 Peso coin.

The issuing authority will also evaluate the possibility of manufacturing plastic bank notes possibly at the beginning of next year once the new factory in the western part of Bogotá begins operating. The results of this type of paper money presently used in Mexico and Chile will also be evaluated.

The issuing authority also discounted the possibility of issuing bank notes in other denominations such as the 100,000 Peso note. It pointed out that after four years of being released in the marketplace, the 50,000 Peso note has only now begun to come into general use.