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Montevideo, March 29th 2024 - 01:30 UTC

 

 

Argentine inflation has the country printing money in France, Malta, Spain, China and Brazil

Monday, April 24th 2023 - 17:02 UTC
Full article 9 comments
The 1,000 Pesos bill was first launched in November 2017. At the time was equivalent to US$ 57, but currently US$ 4,47 at the official rate, and US$ 2,35 in the street or blue market. The 1,000 Pesos bill was first launched in November 2017. At the time was equivalent to US$ 57, but currently US$ 4,47 at the official rate, and US$ 2,35 in the street or blue market.

The explosive inflation situation in chaotic Argentina, close to 120% in twelve months, with the CPI at 7,7% in March ( and roaring during the three weeks of April) is showing that the country is incapable of supplying the necessary demand for bills and thus must appeal to the printing in foreign mint houses, of billions of Argentine bills.

The explosive inflation situation in chaotic Argentina, close to 120% in twelve months, with the CPI at 7,7% in March ( and roaring during the three weeks of April) is showing that the country is incapable of supplying the necessary demand for bills and thus must appeal to the printing in foreign mint houses, of billions of Argentine bills.

Argentina's Mint House, which is responsible for printing the bills has ordered bills from its similar from France and Malta, who have also subcontracted Spain, China and Brazil.

Argentina's note of highest denomination is the one thousand bill, which was first launched in November 2017, during the administration of former president Mauricio Macri and which at the time was equivalent to US$ 57, but currently US$ 4,47 at the official rate, and US$ 2,35 in the street or blue market.

Precisely the Argentine Mint House is opening a bid next May 2nd for eight cargo flights from Malta, six from France and another by sea from Rio, Brazil. However because of confidentiality reasons the Argentine Mint House is banned from revealing values and volumes of its contracts and shipments.

“The two open bids from the Mint House for the transport of bills from Europe respond to the need to comply with commitments and contracts agreed with the Central Bank,” pointed out sources from the Mint House.

This year also the Argentine Central bank will be launching an even higher value bill, 2,000 Pesos (currently equivalent to US$ 48 at the official exchange rate) in an attempt to face the ever increasing inflation and loss of value of the Argentine Peso.

Categories: Economy, Argentina, Brazil.

Top Comments

Disclaimer & comment rules
  • Pugol-H

    Is it worth the cost of printing this money, which will have to be paid for in Yankee dollar?

    Whether they like it or not, Dollarization is the only real option now, it’s what is happening anyway.

    Or maybe Yuanization could work? It’s what is happening to Russia.

    Poetic really if CFK wins the next election, the symmetry of the Universe would be almost perfect.

    Apr 24th, 2023 - 11:51 pm +6
  • FitzRoy

    Next, they will be asking for a bail-out from the IMF. I feel sorry for the general population, but at least people like Carmona and Cafieri still have jobs.

    Apr 25th, 2023 - 08:29 am +4
  • Dirk Dikkler

    What a Great idea when the country is going down the toilet just print more worthless peso`s.

    Apr 24th, 2023 - 07:08 pm +3
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