Costa Rica News – Everyone in Costa Rica knows how hard it is to find a place or taxi that has change for a ¢10,000 or ¢20,000 note in Costa Rica, good look finding a place to change a ¢50,000 note other than Walmart or a bank. This will make it easier for banks to use less notes when cashing checks, but that is about the only use for these new large bank notes.
The new ¢50,000 tickets will start circulating next Monday will not be dispensed at ATMs, as decided by commercial banks.
This was reported this morning by Carlos Melegatti, director of the financial services division, and Marvin Alvarado, treasurer of the Central Bank, at a workshop for journalists on the security of the new notes.
Starting Monday the new notes began circulating. These new bills are ¢ 50,000, ¢ 5,000 and ¢ 10,000.
Melegatti said he supported the decision of the banks because that allows a softer exposure of the ¢ 50,000 note and allows people to become accustomed to it. A similiar measure has been taken in the past with other higher denominations.
Alvarado explained that ATMs can dispense generally four types of notes, and usually dispense dollars and colones of designations commonly used.