The Bank of Mexico reports that it will begin with the withdrawal of family F banknotes, starting with the 1,000 peso bill that was put into circulation in April 2008.
Bank of Mexico begins withdrawal of $1,000 peso bills. Through a statement, the Bank of Mexico has announced that it will begin withdrawing the F family banknotes from circulation, starting with the $1,000 peso bill that was put into circulation in April 2008.
This ticket commemorates the Father of the Nation, Miguel Hidalgo y Costilla, and the Cry of Independence, and has on its reverse an image of the University of Guanajuato, a frog and a representation of the architecture of the region.
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F-family banknotes were first introduced in 2006 and the latest was launched in 2017, including for the first time the use of the polymer in $20 and $50 peso notes.
F-family banknotes already in circulation are still valid and can still be used to make purchases or payments.
However, when these notes reach banks and are withdrawn from circulation, they must be separated and deposited in the Bank of Mexico and must not be delivered to the public again.
If you have a family ticket F, you can go to a bank (it does not matter if you are not a customer) and request the change of the piece without any commission or additional requirement. Although, the best option is to simply spend it, as they are still valid.
Withdraw tickets to renew for others
The process of withdrawing banknotes from the F family is part of a broader effort by Banco de México to renew the circulation of banknotes and coins and improve the efficiency of the monetary system.
Banknotes are withdrawn from circulation when they are no longer in good condition, have been counterfeited or have been replaced by newer banknotes. Withdrawn banknotes are destroyed and replaced by new banknotes.
Banknotes and coins in the process of withdrawal are still valid and can still be used to make purchases or payments.
However, it is important to note that they will eventually become unavailable and must be replaced with newer parts.
Banknotes lose value due to inflation
In recent months, inflation in Mexico has caused an increase in the prices of goods and services, which means that fewer and fewer things can be purchased with the same amount of money.
This has led to a decline in the purchasing power of the currency and, if inflation continues to rise, banknotes and coins will lose value even faster.
For example, the $1,000 peso bill, which is the highest denomination currently in circulation, has lost up to 56% of its purchasing power due to accumulated inflation in the country.
This means that with the same $1,000 peso bill today you can only buy the equivalent of $440 pesos from June 2012.
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The $1,000-peso bill used to be enough to buy the basic food basket in rural areas of the country, which cost $860 pesos per person, but now costs more than $1,520 pesos, according to the National Council for the Evaluation of Social Development Policy (Coneval).
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