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The Central Bank will issue bills of ¢ 20,000 and ¢ 50,000

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Two new bills will circulate in the country in the first quarter of 2010. These denominations ¢ 20,000 and ¢ 50,000.

In addition to this broadcast, the Central Bank asked to print new bills of ¢ 1,000, ¢ 2,000, ¢5,000 and ¢ 10,000, which will change the design, color and size.

The Central Bank agreed to the new denominations (¢ 20,000 and 50,000) based on a model estimated of bills in circulation.

Ricardo Rodriguez, director of the Central Treasury, explained that the model recommended introducing new names when the role of highest value concentrates in a 60% or more in printing money.

This is happening now with the bills of ¢ 10,000. In movement there are ¢ 321,000 millions of ¢ 10,000, which accounts for 70% of the total printing money.

"There will be two new denominations to prevent that in the future the focus on the issuance will be on the ¢ 20,000 bills" said Rodriguez.

Printing the new bills of ¢ 1,000, ¢ 2,000. ¢ 5,000 and 10,000 will be due to an order made three years ago by the Constitutional Chamber.

The Court indicated that the Central issuance in the 2010 will facilitate the blind people to distinguish the value of the roles.

To comply with the provision, the Central agreed to vary the length of new bills. For example, the bill of 1,000 won´t measure ¢ 156 millimeters (like those), it will measure 125 millimeters.

The tickets of ¢ 1,000, will increase seven millimeters in length, up to ¢ 50,000, which will measured 160 millimeters long. In all cases, they will retain 67 millimeters wide.

In determining these sizes, the Central Bank drew on the experience of Mexico and Australia.

The Central Bank has not defined the amount that they will spent to replace the old bills and introduced the new ones.

The latest ticketing, which came out earlier this year had a cost of $ 3.5 million

Rodriguez said that the Central Bank is also studying the option of printing a portion of the new bills in plastic. The plastic has a lifespan greater than the paper. Twenty-five countries use plastic.

For printing the new six types of tickets they will open an international competition from the second half of this year and will participate manufacturers recorded in the register of suppliers for this institution.