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