In Buenaventura, Banco de la República (the Central Bank of Colombia) explains its Strategy to strengthen the Provision of Cash to Citizens

Publication Date:
Thursday, 16 de November de 2023
16:50

On 16 November, a working meeting will be held with commercial banks, unions and other stakeholders involved in the provision of cash, to socialize the progress of the actions being implemented for the supply of banknotes and coins and the new services that will be available in the city of Buenaventura. The purpose of these actions is to continue strengthening the circulation of cash in the required quantity, quality, and timeliness in the different regions of Colombia.

In this regard, Banco de la República works together with other channels for the provision of cash involving third parties. Among these are financial institutions such as credit institutions that are authorized to receive deposits in local currency and are obliged to have banknotes and coins in the quality and quantities required by citizens.

In the case of Buenaventura, the working meeting will be held in the Auditorium of Banco de la República’s Cultural Agency, with the participation of commercial banks, unions, the Chamber of Commerce, and other stakeholders. Various actions that are being implemented and the services that will be offered in the city will be presented:

  • Cash requirements in Buenaventura will be met through commercial banks and Complementary Cash Centers (CCEs in Spanish) in a scheme similar to the one that has operated for several years in some cities in the country where the bank does not have a treasury area.
  • The CCE in Buenaventura is currently located at Calle 1 #3-08 and provides the service of supplying small- and large-value denomination banknotes and coins to financial institutions, clients of the cash-in-transit company that provides the services through the CCE, and third parties (convenience stores, public transportation services, and toll booths, among others). Among its services, it receives deposits only from commercial banks.
  • Credit institutions authorized to receive deposits in local currency must have the banknotes and coins they require to adequately service their transactions. Thus, in such institutions, businesses and citizens may obtain cash in all denominations, subject to the different contracts in force.