Colombia’s central bank announces it will launch a new 1,000 peso coin to eventually replace the current bill.
“We will let the circulation of the 1,000 peso bill come to an end,” central bank director Jose Dario Uribe told W Radio.
According to Uribe, the bank will also produce new, smaller replacements for the 50, 200 and 500 peso coins, to reduce costs.
The central bank hopes to introduce the new 1,000 peso coin in October.
Uribe did not reveal what the new coin will look like.