News Coins Issued by
Central Bank
The Banco Central de
Costa Rica (BCCR) -
Central Bank - will be
issuing some 25 million
new coins between now
and Januaryk, in
different denominations,
to make up for the
shortage of coins that
is expected during the
December shopping season
and coffee harvest.
Ricardo Rodríguez, BCCR
treasurer, said that 4.3
million ¢100 colones
coins will begin
circulating today,
costing the Central Bank
us$1.6 million dollars.
The BCCR will issue a
total of 14 million ¢100
coins, 6 million ¢500
coins and 5 million ¢50
colones coins.
Rodríguez assures that
coin issue will not
contribute to inflation
as the coins are
expected to remain in
the pockets of Costa
Ricans.
The treasurer explained
that the coins will be
back in the banks by the
end of the year, a
condition that is normal
for the season and
closely measured by the
Central Bank.
Currently there are
1.109.000 coins in
circulation and that the
custom of Costa Ricans
to hoard ¢500 and ¢100
coins during the season
affects the circulation
of the coins.
Rodríguez added that he
hopes that people do not
stuff the coins in piggy
banks as it costs the
Central Bank money to
issue more coins. |
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