There are several reasons why Colombians have not yet seen the new 100,000 peso bill and that its use is not so common in the national economy.
According to a La República report, many people still do not know first hand the new ticket that circulates in the market since March 31, 2016, which contains the portrait of President Carlos Lleras Restrepo and the landscape of the Cocora Valley in Quindío .
The first reason why this ticket is so scarce is that it is not compatible with the ATMs of the country because of its size and thickness, Juan Carlos Mora, president of Bancolombia, commented in the report of the Republic that “the drawers have to be adapted and that implies a large investment, so the withdrawals of these notes are made from “windows”.
The second reason is that this paper currency is much more commonly found in the main cities of the country, “the amount in circulation is still very low compared to the total quota of banknotes, taking into account that in 2017 there were $ 71.9 billion and only 1.3% corresponded to paper money of greater denomination. If in 9,9 million pieces of $ 100,000 were circulated in 2017, it means that only one in five Colombians has seen a ticket of these, “the report adds.
The third reason is that Colombians keep these tickets because they are so scarce and prefer to retain them to use them for the fourth reason explained by the report: “the difficulty for the general trade to receive it, as the president of Fenalco, Guillermo Botero, emphasized. “As long as they do not start appearing at ATMs, there will not be a massive presentation. It is a process that goes little by little, it is progressively that one finds them “”.
Finally, the report adds that it is cheaper to use these new tickets for several reasons: “According to the Issuer, printing a $ 50,000 bill has a cost close to $ 120, while one of $ 100,000 is worth only $ 10 more, what helps to have efficiency in your spending. In addition, they reduce costs such as transport and storage of paper money, not only for the Banco de la República, but also for financial institutions. ”