News in Brief

New Colombian Coin Supply Contract

The Banco de la República (Colombia) and the Mint of Finland have signed a new contract for the production and supply of Colombian coins, which includes three denominations – $50, $200 and $500 Colombian pesos.

The contractual relationship between the two entities began in 2017, with this contract including the minting of the three denominations, totalling 370.5 million pieces, during 2023-24.

Uganda Considers Replacing 1,000 Shilling Banknote with Coins

The Bank of Uganda is considering the phasing out of the 1,000 shilling banknote. The note is heavily used for transactions, but soiling and frequent replacement has pushed up the replacement costs. According to the Bank of Uganda, printing and circulation costs have risen by 16.5% recently.