50 Pesos polymer notes to be released

México, 26.01.05

FIA

Printing on polymer substrate is cheaper, counterfeiting has been reduced, study shows.

The Bank of Mexico announced that 50 Pesos polymer bank notes, similar to 20 Pesos notes, will be put in circulation in the 2nd semester of 2006 in order to replace paper bank notes.

Head of the Issue Department of the Bank of Mexico, Jaime Pacreu Vizcaya, explained that based on the acceptance and cost efficiency of 20 Pesos polymer bank notes, the Bank decided to convert the 50 Pesos notes to polymer as well.

Additionally, the study demonstrated that in the case of 20 Pesos polymer notes,  the printing cost is 42 percent less compared with paper bank notes. Also, counterfeiting has been reduced compared to paper notes.

It has been explained at the press conference that the 50 Pesos notes will be printed on polymer in the 2nd semester of this year and that currently the process is in the design phase.

It has been estimated that stocks of  50 Pesos paper bank notes will be exhausted in the 2nd semester of 2006, when the new polymer bank notes will be released.

The Bank of Mexico also explained that it will issue an announcement this year, instructing the banks that in the case of issue of a counterfeited bank note by an automatic teller machine, the affected citizen can request a replacement from the bank in question. The citizen will have to fill a form to declare the branch, date, and time, when he received a counterfeited bank note. In addition, he will have to include his personal information.