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Colombia has to import coins from Europe for the first time in more than two decades due to an artificial coin shortage. CCTV America’s Michelle Begue reports.

According to Colombia’s Central Bank, the 500 and 1,000 peso coins are disappearing. Officials say that Colombia’s young and old are using piggy banks to save money throughout the year, which is causing the shortage. The new 1,000 peso coin, which used to be printed on paper, has been so popular that people prefer to save them rather than spend them.

The Central Bank says it has nearly doubled its annual production and produced more than 400 million coins to meet the country’s needs.

In addition to the local production, 95 million new coins will be brought from Slovakia in November. This is the first time Colombia has imported coins since 1992. The President of the National Federation of Merchants says that without more coins, there would be economic repercussions for businesses.

The Central Bank says it expects to see an influx of coins come back into circulation once piggy banks are opened for the holidays.

Piggy banks to blame for Colombia's coin shortage Colombia has to import coins from Europe for the first time in more than two decades due to an artificial coin shortage. CCTV America's Michelle Begue reports.