Colombia again considers revaluing currency

According to an article on dated 29 September 2012, the Colombian congress is considering a bill to revalue the peso by removing three zeros in an effort to simplify economic transactions. Such a move has been discussed for several years, and as with the case with revaluations in other countries, these things are politically charged and often take many, many years to come to fruition. Currently Colombia's banknotes range from 1,000 to 50,000 pesos (US$0.55 and $28, respectively).