July 29, 2020 / 8:26 PM / 5 days ago

Brazil to issue new 200 reais bank note

BRASILIA, July 29 (Reuters) - Brazil will issue a 200 reais bank note, the currency’s largest denomination, for circulation around the end of August, the central bank said on Wednesday.

The note, at current exchange rates worth just under $40, will join the country’s two, five, 10, 20, 50 and 100 reais notes.

The new note will feature the maned wolf, and an estimated 450 million of them will be printed, the central bank said.

Central bank Director Carolina Barros said demand for cash has risen since the outbreak of the COVID-19 pandemic, and hoarding has increased.

Paper currency held by the public rose by 61 billion reais between March and July, she said, noting that the amount was adequate and the system has no cash shortage.

Reuters reported in May that Brazil was running short of hard currency needed for emergency payments to people hit by the crisis, and the country’s state-controlled mint had asked workers to ramp up production of paper money to print more notes.

$1 = 5.17 reais Reporting by and Gabriel Ponte and Jamie McGeever; Editing by Richard Chang

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