{"id":8750,"date":"2024-05-11T09:48:33","date_gmt":"2024-05-11T09:48:33","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=8750"},"modified":"2024-05-11T09:48:33","modified_gmt":"2024-05-11T09:48:33","slug":"with-inflation-soaring-argentina-will-start-printing-10000-peso-notes","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=8750","title":{"rendered":"With inflation soaring, Argentina will start printing 10,000-peso notes"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/gdb.voanews.com\/01000000-0aff-0242-0c73-08dc6fdc965f_cx0_cy8_cw0_w800_h450.jpg\" \/><\/p>\n<div id=\"article-content\">\n<div class=\"wsw\">\n<span class=\"dateline\">BUENOS AIRES, Argentina \u2014\u00a0<\/span><\/p>\n<p>Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five \u2014 to 10,000 pesos, worth about $10.<\/p>\n<p>The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags \u2014 occasionally, suitcases \u2014 stuffed with cash for simple transactions. Argentina&#8217;s annual inflation rate reached 287% in March, among the highest in the world.<\/p>\n<p>The new denomination note \u2014 five times the value of the previous biggest bill \u2014 is expected to hit the streets next month in a bid to &#8220;facilitate transactions between users,&#8221; the central bank said. The 10,000 peso note is worth $11 at the country&#8217;s official exchange rate and $9 at the black market exchange rate.<\/p>\n<p>Across Argentina, hard currency \u2014 specifically, the country&#8217;s ubiquitous 1,000-peso notes \u2014 remains the most popular way to pay for things. When first printed in 2017, the 1,000-peso note was worth $58 on the black market. Now, it&#8217;s worth a dollar.<\/p>\n<p>Given the instability unleashed by Argentina&#8217;s worst financial crisis in two decades, vendors prefer old-fashioned cash payments for big purchases and offer steep discounts to incentivize paper bills over electronic transfers.<\/p>\n<p>Argentina&#8217;s libertarian President Javier Milei, who took office last December, campaigned on a promise to tame inflation and stabilize the local currency by reversing the policies of past left-leaning governments that printed money to finance public spending.<\/p>\n<p>But in the meantime, his harsh austerity drive has pushed prices up to levels in the U.S. and Europe, adding to the economic woes of ordinary Argentines. A massive nationwide strike, the latest in a series of protests, is planned for Thursday.<\/p>\n<p>Even as annual inflation remains high, Milei cites a gradual slowdown in Argentina&#8217;s monthly inflation rate since last December to insist his plan is working. Confident consumer prices can continue creeping downward, policymakers lowered the central bank&#8217;s key interest rate three times last month.<\/p>\n<p>The new 10,000-peso notes feature small artistic portraits of Manuel Belgrano, a founding father of Argentina, and Mar\u00eda Remedios del Valle, a Black Argentine woman and army captain who gained fame fighting the country&#8217;s War of Independence.<\/p>\n<p>Argentina&#8217;s central bank said it would introduce an even bigger bill \u2014 a 20,000-peso note \u2014 later this year.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.voanews.com\/a\/with-inflation-soaring-argentina-will-start-printing-10-000-peso-notes-\/7604033.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUENOS AIRES, Argentina \u2014\u00a0 Prices in Argentina have surged so dramatically in recent months that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>With inflation soaring, Argentina will start printing 10,000-peso notes - International Pulse<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/internationalpulse.net\/?p=8750\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With inflation soaring, Argentina will start printing 10,000-peso notes - International Pulse\" \/>\n<meta property=\"og:description\" content=\"BUENOS AIRES, Argentina \u2014\u00a0 Prices in Argentina have surged so 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