Saturday 12 June 2021

Central Bank withdraws ¢50,000 banknote from circulation

(QCOSTARICA) You hardly see them in circulation. They are not dispensed at ATMs. About the only way to get your hands on one specifically from a bank teller. So, it is no surprise the announcement from the Central Bank to remove it from circulation.

The ¢50,000 banknote was introduced in 2012. Low demand is among the reasons for its withdrawl from the financial system

That is the ¢50,000 banknote introduced in 2012.

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The Central Bank explained that among the various reason for the removal from circulation is,  to low inflation, high bank penetration (people are using plastic even more now), low demand, and the risk of being used in illicit activities.

Although it was made official public today, June 4, the Central Bank stopped issuing new ¢50,000 bills since October 2018.

In the statement, the Central Bank explained that the denomination will maintain its value as a means of payment in the national economy.

 

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