Due to rising inflation, Argentina to start printing new 10,000 Peso banknotes
Prices in Argentina have skyrocketed in recent months, and the government has multiplied the size of its biggest banknote in circulation by five — to 10,000 Pesos, (worth about $10), The Associated Press reports
The Argentinean Central Bank’s announcement should make life easier for many Argentines who have to carry huge bags, and sometimes even suitcases full of cash, to make simple transactions. In March, the annual inflation rate in Argentina reached 287 percent – one of the world’s highest rates.
“The new denomination banknote – 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 banknote is worth $11 at the country’s official exchange rate and $9 at the black market exchange rate,” the publication reads.
Across Argentina, ‘hard currency’ – namely the popular 1,000 Peso banknote – remains the most popular payment method. When it was first printed in 2017, it cost $58 on the black market, now it costs $1.
