On April 11th, the Finance Minister, Mauricio Cárdenas, introduced in the House of Representatives, a bill to eliminate three zeros to the Colombian peso. The bill also establishes a three-year transition period between current and new pesos. Congress will begin it’s analysis in the coming weeks, as it has the support of legislators from different parliamentary groups.
The bill proposes to delete three zeros to the peso and to incorporate the phrase “new pesos” to the currency issued as of the effective date of the law. It also establishes a transition period between old and new pesos, which will begin on January 1st, 2020 and end on December 31st, 2022. During that period, the current peso and the new peso will circulate simultaneously. The current monetary unit will only be exchangeable for the new ones in the Banco de la República and credit establishments.
The bill was prepared by the Bank of the Republic and by the Attorney General’s Office. The presidents of the Treasury and Public Credit Committees of the Senate and House of Representatives, Antonio Guerra (Cambio Radical – ally to the ruling party) and Jack Housni (Liberal-opposition), also participated in its elaboration.
The Third Committee of the House of Representatives must rule on it so that it can follow its course in the new legislature that begins on July 20th. The bill has the explicit support of the ruling party, members of the ruling party ally Radical Change party and opposition representatives of the Conservative Party.