Argentina Plans Larger-Denomination Bill as Inflation Nears 100%

*Central bank announces it will print 2,000 peso note
*Decision comes as cash becomes burdensome in Argentina

Argentina’s central bank will print bank notes of larger denomination after months of complaints by residents and tourists who, faced with inflation of near 100% a year, have to carry increasingly bigger piles of cash to pay for everyday purchases.

The monetary authority announced Thursday it authorized the national mint to design a 2,000 peso bank note, double the value of the country’s largest denomination bill today, but still worth about $6 only, according to Argentina’s commonly used informal exchange rates.

Central bank officials were reluctant to print higher-value bank notes for months, insisting that investment in digital payment platforms was a better use of resources. The decision to launch a 2,000 peso bill hints at that hesitancy: Local media had reported that denominations of as much as 10,000 pesos were being considered.

Scenes reminiscent of Venezuela or other high-inflation countries emerged in Argentina in recent months with tourists paying restaurant bills with stacks of cash and banks running out room to store bank notes destined for ATMs. A gap between Argentina’s official and parallel exchange rates encourages cash use, especially among tourists who arrive with dollar bills.

Digital payments have increased too, the central bank said in a statement. The number of bank transfers rose 99% in December from a year ago, while payments made with QR codes were up 41% over the same period.

https://www.bloomberg.com/news/articles/2023-02-02/argentina-2000-peso-bills-launch-as-inflation-nears-100-stacks-of-cash?leadSource=uverify%20wall

Truth is that Tinubu will bury Nigeria if he mistakenly wins. He might even print #10, 000 note. With Obi inflation will drastically reduce and coins will be reintroduced.

Am sure Messi world cup pic will be in the 2,000 peso note.

.

Where is Messi

ok

thebosstrevor1:
Nigeria might get to these level if time is not taken

That is why we don't want Tinubu or Atiku to enter...

Malory:
Truth is that Tinubu will bury Nigeria if he mistakenly wins. He might even print #10, 000 note. With Obi inflation will drastically reduce and coins will be reintroduced.

And he will blame PDP for it. Just as his campaign team pointed Atiku as Nigeria's number one enemy for the flaws in the circulation of the new notes

Nigeria might get to these level if time is not taken

We go soon copy

The first commenter just make a fool of himself.

YinkaOlusesi16:
Am sure Messi world cup pic will be in the 2,000 peso note.

The country is facing some serious economic challenges and you are saying Messi World Cup pic should be the face of the problem.

You people and football!

Good to know Nigeria isn't the dumbest. This one collect medal pass us.

The lower the denomination the better for the economy. Nigeria must mop out higher denomination naira notes from the economy.

Tinubu must not have access to higher denomination naira notes... He get reason

Well, wetin I know

henry4991:
Where is Messi

This is not football bro

Printing money notes of high denomination...
How well will it reduce the rate of inflation

Emefailures class mates are working.

Q

So this hardship is worldwide, they should please contact emefiele to help them sort out their issues before it get out of hand ,because I believe that emefiele will help them seriously though this difficult times and at the end they will be able to have 5000 or even 10000 pesos notes in a month time

Malory:
Truth is that Tinubu will bury Nigeria if he mistakenly wins. He might even print #10, 000 note. With Obi inflation will drastically reduce and coins will be reintroduced.

Go to school, you say no na mechanic work you wan do.

Check out my thread

Maradona image on 20000 loading

Every policy design to solve inflation comes with disadvantages outweighing the advantages not as in the case of deflation.
Corruption sanctions and laws should be intensified as if not death Penalty in other to control corruption that will sprung up in due course.

This is what CBN is trying to avoid

In 2012 Tinubu rallied the poor against Jonathan at Ojota to reject fuel subsidy removal. in 2023 he is promising to remove subsidy.whether Nigerians like it or not. We wasted 10years of our national resources because of it.

He is rallying the poor again to reject the cashless policy, 10years to come we would come back again on the same story after wasting our resources.

This is one of the major reason we must vote Character, Integrity, Capacity and Competent in the forthcoming presidential elections.


Peter Obi is Okay 💯👍

Lol while some are trying to stop people from having access to derr money...

To some confused lot saying this what CBN is trying to avoid CFA get 10,000cfa single note and right now na the currency strong pass for West Africa against Dollar u people should rest with all this ur theory....