$ 100 thousand bill is still an illustrious stranger to many Colombians

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Marisol Henao is responsible for accounting for a chemical company in Cali and claims to have taken a $ 100,000 bill when she withdrew a certain amount of money from a bank to complete the initial share of Renault Logan who had bought two months before.

As soon as he received it, he gave it to the retailer a few minutes later. "It was the first time I saw it and so far no other ticket of that denomination has passed in my hands," he said.

"That ticket is a real insert: buying something cheap with him or paying for a taxi ride is a headache," said psychologist Gloria Gordillo, who said she only once had it in her wallet.

What they, and perhaps many do not know, is that the $ 100,000 bill completes three years of being in circulation at the end of this month.

So why is it barely seen on the streets and in the trade? The question has several answers.

Read also: The food prices of the family basket remain stable in Cali

First of all, the Bank of the Republic reported that from 2016 (the year it entered the economy) it gradually entered the market through the banks and secondly, since it is the ticket The highest denomination in the country , its use is oriented to participate in transactions or transactions of high value, not to pay minor obligations, such as public transport or the purchase of goods in a neighborhood store.

However, there are amounts that do not reach the six zeros and can be clearly covered with these tickets. "It's not that it can not be used for small obligations, the problem is in returns, so the recommendation is that it is intended to delete items or services that exceed $ 100,000," said economist Esperanza Ramirez.

The vice president of Colombia's banking and financial entities (Asobancaria), Alejandro Vera, reiterated that one of the reasons why the $ 100,000 bill is not yet frequently seen in the country's economy is because it was not issued. all the pieces produced by the Banco de la República.

"The Colombians have not seen much of this bill because of the total number of pieces issued by the Banco de la República, about 29 million correspond to $ 100,000 of bills, which is very low and represents a lower percentage in the economy and it is not seen frequently in the market, "he explained.

The economist and expert on the financial systems of the Javeriana University, César Ferrari, stressed that the use of electronic means can affect the fact that payments are not even made with that ticket.

Banks deliver it to the extent that they are required by customers. Therefore it is normal that this is not a denomination used in low value daily transactions. It is a normal behavior with high value banknotes in any country, noted the Bank of the Republic. For now, the ticket circulates to a greater extent in large cities such as Bogota, Medellin, Cali and Barranquilla, where the public can find it in the windows of banks.

Because it seems little

In 2016, the Banco de la República issued 44.2 million banknotes of $ 100,000, of which, at the end of 2018, only 29.4 million pieces were in circulation, accounting for 66% of the total.
This figure is much lower than $ 50,000 in accounts, of which 654.1 million pieces of the new and 587.2 million pieces of the old family are circulating.

"Despite this, the circulation of the $ 100,000 banknote grows significantly each year.The amount put into circulation in the first year (2016) was 4.5 million pieces; in the year 2017 they entered the another 5.4 million pieces of the market and 19.4 million additional pieces were added last year, so around 30 million pieces are currently circulating in the country, "explained the Issuer.

But not all analysts think it is a large ticket and therefore not much.

University professor Javeriana César Ferrari said that it is not that the ticket has a big denomination if it is compared to the dollar, since $ 100,000 represents about a little more than US $ 30.
He pointed out that in countries like the United States, $ 50 and $ 100 US banknotes are currently in circulation without any problem.

"Another reason that could be related is that when you see a ticket that does not circulate much and that is rare, people decide to save it or save it, which can lead to seeing it as a sort of novelty or collection, but most of it is It is likely that the issue was very small and in some transactions they are exhausted, which leads to a lack of circulation in the economy, "he said.

Are you at the ATM?

The ticket is the largest (in terms of size) of the entire new family issued by the Issuer and for this reason has prevented it being delivered with these electronic means despite the investments made by financial institutions to update the technology of the own automatic counters. automatic to have this name for the public.

"Every bank has the power to define how to update and correct their electronic ATMs and this depends a lot on the demand studies that are done to assess whether or not it is feasible to have $ 100,000 in accounts," explained the executive Asobancaria.

For the Banco de la República, the adjustment to be made at ATMs is similar to that already done in most of these machines for the rest of the denominations of the new banknote family circulating in the country.

"Commercial banks prioritized adjustments to ATMs for the denominations they had already distributed, such as the $ 50,000, $ 20,000 and $ 10,000 and we understand that at this time some are already considering making outstanding adjustments to also incorporate into the pantry the $ 100,000 ", explained the Bank of the Republic.

Although everything seems to indicate that this ticket will be seen a little more in the streets, the bank's bet is on the other hand, analysts say.
"The focus is on the promotion and advancement of payments and transactions through electronic means because it generates lower costs for users and less tax evasion," they said.

Ticket features

It has the picture in homage to the former president of Colombia Carlos Lleras Restrepo, as well as the Cocora Valley in Quindío, the wax palm (national tree), the bird of the barranquero and the child's flower of seven years.

Green is the predominant color of the new banknote and shows changes in tone.

Its dimensions are 66 mm x 153 mm, the largest of the new banknote family of the Banco de la República.
The material on which the ticket is printed is made of 100% cotton fiber paper.

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