BUENOS AIRES, Argentina (AP) — Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth about $10.
The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags — occasionally, suitcases — stuffed with cash for simple transactions. Argentina’s annual inflation rate reached 287% in March, among the highest in the world.
The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month in a bid to “facilitate transactions between users,” the central bank said. The 10,000 peso note is worth $11 at the country’s official exchange rate and $9 at the black market exchange rate.
Across Argentina, hard currency — specifically, the country’s ubiquitous 1,000-peso notes — remains the most popular way to pay for things. When first printed in 2017, the 1,000-peso note was worth $58 on the black market. Now, it’s worth a dollar.
Kim Kardashian being booed by crowd at Tom Brady roast edited out of final Netflix cut
'Puppet Sister' Creates 'Intelligent' Robot Performers
Much at stake for Barca, Xavi in Napoli trip
Tianjin's cruise tourism industry set for post
Sophie Duchess of Edinburgh beams as she leaves private members club with friends in Mayfair
Tracing Origin of Spring Festival in Langzhong
Classical Guitar, Chinese Style
Classical Guitar, Chinese Style
Alabama schedules second execution by nitrogen gas
Providing Comprehensive Services to Families
Shopify's shares tumble on weak outlook after a very strong start to 2024
Rural Woman Establishes Museum to Display Unique Charm of Miaos' Embroideries