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| Argentina unveils new 2,000-peso banknote as inflation bites | Argentina unveils new 2,000-peso banknote as inflation bites |
| (7 days later) | |
| A new 2,000-peso banknote will be issued in Argentina in response to soaring inflation, the country's central bank (BCRA) has confirmed. | A new 2,000-peso banknote will be issued in Argentina in response to soaring inflation, the country's central bank (BCRA) has confirmed. |
| The new note - which will be worth $11 (£9) officially - comes after consumer prices jumped by nearly 95% in the 12 months to the end of December. | The new note - which will be worth $11 (£9) officially - comes after consumer prices jumped by nearly 95% in the 12 months to the end of December. |
| It marks Argentina's fastest pace of inflation since 1991. | It marks Argentina's fastest pace of inflation since 1991. |
| The largest current bill, the 1,000-peso note, is worth just $2.70 on the alternative markets. | The largest current bill, the 1,000-peso note, is worth just $2.70 on the alternative markets. |
| Writing on Twitter, the BCRA said the new note would "commemorate the development of science and medicine in Argentina". | Writing on Twitter, the BCRA said the new note would "commemorate the development of science and medicine in Argentina". |
| It will feature pioneering doctors Cecilia Grierson and Ramón Carrillo, it added - although it is not clear when the note will enter circulation. | It will feature pioneering doctors Cecilia Grierson and Ramón Carrillo, it added - although it is not clear when the note will enter circulation. |
| El Directorio del BCRA aprobó la emisión de un nuevo billete de $2000 que conmemora el desarrollo de la ciencia y de la medicina en la Argentina y que tendrá como protagonistas al Instituto Malbrán, a la Dra. Cecilia Grierson y al Dr. Ramón Carrillo. ▶️ https://t.co/6j5Imp5XfR | El Directorio del BCRA aprobó la emisión de un nuevo billete de $2000 que conmemora el desarrollo de la ciencia y de la medicina en la Argentina y que tendrá como protagonistas al Instituto Malbrán, a la Dra. Cecilia Grierson y al Dr. Ramón Carrillo. ▶️ https://t.co/6j5Imp5XfR |
| When Argentina's current currency was introduced in 1992, its value was pegged at one US dollar. | When Argentina's current currency was introduced in 1992, its value was pegged at one US dollar. |
| But that fixed exchange rate system was abandoned after the financial crisis that engulfed the country in 2001 and 2002. | But that fixed exchange rate system was abandoned after the financial crisis that engulfed the country in 2001 and 2002. |
| Since then, the peso has lost so much of its value that one local artist uses banknotes for painting on, because they are cheaper than a canvas. | Since then, the peso has lost so much of its value that one local artist uses banknotes for painting on, because they are cheaper than a canvas. |
| Sergio Diaz, of Salta, recently painted a picture depicting Steven Spielberg's movie Jaws as a parody of Argentina's ever-increasing inflation. | Sergio Diaz, of Salta, recently painted a picture depicting Steven Spielberg's movie Jaws as a parody of Argentina's ever-increasing inflation. |
| Argentina has seen prices rise sharply as the cost of commodities, including energy, has gone up. | Argentina has seen prices rise sharply as the cost of commodities, including energy, has gone up. |
| Artist Sergio Diaz says it is cheaper to paint on pesos rather than a canvas | Artist Sergio Diaz says it is cheaper to paint on pesos rather than a canvas |
| Soaring prices have largely been attributed to a bout of central bank money-printing, as well as the war in Ukraine. | Soaring prices have largely been attributed to a bout of central bank money-printing, as well as the war in Ukraine. |
| In December, the International Monetary Fund (IMF) approved another $6bn (£4.9bn) of bailout money for South America's second largest economy. | In December, the International Monetary Fund (IMF) approved another $6bn (£4.9bn) of bailout money for South America's second largest economy. |
| It was the latest payout for Argentina in a 30-month programme that is expected to reach a total of $44bn. | It was the latest payout for Argentina in a 30-month programme that is expected to reach a total of $44bn. |
| Last summer, the troubled country had three economy ministers in the space of just four weeks. | Last summer, the troubled country had three economy ministers in the space of just four weeks. |
| In September, the central bank also raised its main rate of interest to 75% as it tried to rein in the soaring cost of living. | In September, the central bank also raised its main rate of interest to 75% as it tried to rein in the soaring cost of living. |
| Earlier this week, Brazil and Argentina announced plans to create a common currency that would be used to boost trade between the two countries. | Earlier this week, Brazil and Argentina announced plans to create a common currency that would be used to boost trade between the two countries. |
| The country's leaders said they needed to find ways to finance commerce without relying on US dollars - although discussions are at an early stage. | The country's leaders said they needed to find ways to finance commerce without relying on US dollars - although discussions are at an early stage. |
| Related Topics | |
| Argentina | |
| Inflation |