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The initiative was launched, again, by the outgoing manager of the Bank, Juan José Echavarría, who affirmed that it is a project that he would have liked to leave during his tenure, but could not. However, he urged Congress to pass it.
“I missed celebrating 100 years. In 2023 the Banco de la República turns 100 years old and I would like to convince Congress, if it were manager, to finally remove the three zeros from the banknotes. That would be a nice celebration of the new central bank and the low inflation that Colombia has, “said the Central Bank manager, quoted by the Data IFX portal.
During the hearing held this Thursday, Echavarría expressed his sadness at leaving the most important position of the Banrep República and explained that he does so due to family problems. “This was a beautiful period, thanks to all the people who accompanied me and a hug for everyone,” he said.
Banknotes in Colombia would eliminate the three zeros
The idea of removing the three zeros from banknotes in Colombia dates back several years. That same medium recalls that in 2016, the Issuer changed those zeros to the words “thousand pesos”, and the idea is to make a transition so that in the future it says “2 new pesos (or whatever denomination)”.
In some considerations from years ago, the Banco de la República suggested that 2020 was the most opportune year to start a transition period because in that period it ends replacement of older bills.
“The banknotes of the new monetary unit would maintain the design and security features of the new family. The word MIL would be replaced by the word NUEVOS in the new monetary unit to refer to the new pesos ”, explained the Central Bank at that time.
According to the Issuer, the The total cost of carrying out this project would be around 400,000 million pesos.
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