On 4 June 2020 the Banco Central de Costa Rica announced on its webpage that it has the intention of retiring from circulation the banknotes of 50,000 colones (CRC50,000.1) = USD88.00. The Central Bank ceased issuing them in 2018.

The reasons for this action are:

1. Its high face value makes it unsuitable for daily minor transactions,
2. The low level of inflation means that it will not be needed in the near future,
3. Most larger transactions are settled by credit card, through banking channels or by paying applications, 
4. Banks do not require them as they are not suitable for ATM’s because of their high value.
5. It is the the most counterfeited class of banknotes.

This banknote keeps its legal tender status until further notice. The Central Bank will eventually retire them.

Courtesy: Cleophas Schockem.

Source: bcc.fi.cr

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