MercoPress. South Atlantic News Agency

Argentina introduces 10,000 peso banknotes amid soaring inflation

Argentina suffers from high inflation – 287.9 % annualized last March – which requires the use of higher denomination banknotes to reduce logistic costs and facilitate transactions. “

Argentina has introduced a new denomination of banknotes, the 10,000 peso bill (equivalent to about 10 U.S. dollars), in response to the country's ongoing struggle with high inflation. The Central Bank of Argentina (BCRA) announced that these new banknotes will gradually enter circulation starting this Tuesday and be available at bank branches and ATMs nationwide.

According to the BCRA statement, the introduction of the 10,000 peso banknote aims to streamline transactions, enhance the efficiency of the financial system, and reduce the overall cost associated with currency logistics. The move comes amidst Argentina's staggering inflation rate, which reached 287.9% on an annualized basis as of March this year, necessitating the adoption of higher denomination banknotes.

Argentina suffers from high inflation – 287.9 % annualized last March – which requires the use of higher denomination banknotes to reduce logistic costs and facilitate transactions.

“This $10,000 bill, as well as the $20,000 note with the image of Juan Bautista Alberdi, which will enter into circulation in the last quarter of the year, will facilitate transactions among users, will make the logistics of the financial system more efficient and less costly and will allow a significant reduction in the acquisition costs of finished banknotes,” the monetary entity states.

Previously, the highest value banknotes in Argentina were the 1,000 and 2,000 peso bills. The newly introduced 10,000 peso banknote features the images of national hero Manuel Belgrano, credited with creating the Argentine flag, and María Remedios del Valle, a prominent figure in the country's War of Independence, on the obverse side. The reverse side showcases an artistic depiction of the Swearing in of the Flag ceremony that took place on February 27, 1812.

Presentamos el nuevo #Billete10000Pesos que tiene estrictas medidas de seguridad:

✔️Marca de agua: al trasluz se perciben los retratos de María Remedios del Valle y Manuel Belgrano, y las iniciales de sus nombres en tono claro.

✔️Hilo de seguridad aventanillado: hilo rojo que… pic.twitter.com/UM5tSSMjCS

— BCRA (@BancoCentral_AR) May 7, 2024

The security features of the 10,000 peso banknote include a watermark, windowed security thread, optical variability ink, among others, incorporated through specialized printing systems. Additionally, the banknote includes features designed for accessibility, such as identification for the visually impaired.

The introduction of the 10,000 peso banknote is part of a broader initiative announced in May 2022, known as the “Heroines and Heroes of the Homeland” family, which also includes the forthcoming 20,000 peso note featuring the image of Juan Bautista Alberdi, set to enter circulation in the last quarter of the year.

The BCRA's decision to issue higher denomination banknotes reflects Argentina's ongoing efforts to navigate the economic challenges posed by inflation and to ensure the efficiency and accessibility of its currency system.