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Argentinian Central Bank to issue banknotes with face value of 25 times more than existing ones

28 December 2023 08:00 (UTC+04:00)
Argentinian Central Bank to issue banknotes with face value of 25 times more than existing ones

Argentine President Javier Miley confirmed that the country's central bank will issue banknotes in denominations of 20 thousand ($25) and 50 thousand pesos ($62). Now the largest banknote in the republic is 2 thousand pesos ($2.5), Azernews reports, citing international media outlets.

“ Yes. The subject of banknotes is torture. If you need to pay in cash, you have to walk around with a bunch of paper," the head of state replied to a question from journalists about whether it is true that the Central Bank is going to issue banknotes of 20 thousand and 50 thousand pesos due to high inflation.

Currently, banknotes in face value are in circulation in the country 10, 20, 50, 100, 500, 1 thousand and 2 thousand pesos.

Argentina has been among the countries with the highest inflation for several years. From the beginning of the year to November, prices increased by 148 percent. Inflation accelerated after Miley was elected head of state on November 19. One of the first measures of his Government was to raise the official exchange rate of the peso from 366 to 800 pesos.

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