Mexico to Put 1,000 Peso Bill in Circulation Soon

Foreign tourists traveling to Mexico from next month onward, will find a new bank note of 1,000 pesos (some $85 to the current exchange rate) that will go the 500-peso bill one better as the highest denomination in the hands of the Bank of Mexico (BM).

The new bill will hit the streets on November 15. Manuel Galan, programming head at the BM, said the 1,000 note comes on the heels of inflationary pressures that have hit the country hard in recent months.

BM Governor Guillermo Ortiz explained that “as we speak, Mexico is immersed in an inflationary bubble and there won’t be any visible light at the end of the tunnel until after the second quarter of 2005.”

The official objective of this 1,000-peso bill is to “ease some cash transactions for the population,” the BM indicated in a press release.

Back in the 1970s, when the Aztec nation was at the pinnacle of the greatest price stability of the 20th century, Mexico put out a 1,000-peso bill in circulation.

Mr. Galan added the new bank note has been designed in line with all necessary security measures to avoid counterfeiters from churning out bogus bills.