The Lower House of the Colombian Parliament has approved the project of redenomination of the current banknotes by eliminating three zeros. However it is not scheduled to be treated in the current extraordinary sessions of July 3, which means it will still have to wait until the next Congress. Once approved by the Lower House, it has to be treated by Senate. If approved it is expected that the change will be effective by January 1, 2020.
Mauricio Cárdenas, Minister of Finance, declared that the redenomination will not involve large additional expenses, as new notes will be printed as needed to replace unfit current ones, and the new designs will be prepared by just changing the plates to read “NUEVOS” instead of “MIL”.
©2018 Monetary Research Institute.
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