Argentina will have this year 10 thousand and 20 thousand pesos bills (equivalent to approximately MXN 210 and 420 respectively at current exchange rates) upon approval Central Bank of the Argentine Republic (BCRA).
According to the issuer’s official statement, the new version will “facilitate transactions between users, make financial system logistics more efficient and significantly reduce the cost of purchasing finished banknotes.”
The Central Bank expects that the new banknotes will go into circulation from June 2024.
The 10 thousand pesos bill will have the image of the general on it. Manuel Belgranoone of the main figures of Argentine independence and Maria Remedios del Valleheroine of the Revolutionary War, on the obverse.
On the reverse, the main motif will be an artistic recreation of the scene Flag Commitmentwhich took place on February 27, 1812.
Meanwhile, on the 20 thousand banknote the winner will be Juan Bautista Alberdimastermind of the National Constitution of 1853.
On the reverse side you can see a recreation of the birthplace of the lawyer, diplomat, economist, writer, philosopher, journalist and politician, who was often mentioned by the current President of Argentina, Javier Miley, due to the liberal spirit of this founding text.
Both will have the same size of paper already in circulation.
Currently, the highest value banknotes in Argentina are one thousand and two thousand pesos (about 21 and 42 pesos, respectively).
Argentina ended 2023 with inflation of 211.4% year on year.This is the highest level since the hyperinflation of 1989-1990, after reaching 25.5% in December.
In this inflationary context, and following the 50 percent devaluation of the local currency against the dollar by Milei’s chief executive after taking office on December 10, users often pull out a large wad of bills to be able to pay. pay any costs due to the low value of existing banknotes.
(according to information from EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
