ARGENTINA INTRODUCES 2,000-PESO NOTE

 

Argentina introduced its largest-denomination banknote on Monday as inflation running at more than 100 percent a year forces the population to carry ever growing stacks of cash to pay for everyday purchases.

Yet the new 2,000-peso note put into circulation by the nation's Central Bank is valued at only about US$4, according to commonly used parallel exchange rates. At the official rate, which is overvalued by currency controls and restrictions imposed by the government, it's worth about US$8.50.

While the new denomination is an improvement over the 1,000 peso note, until then the most valuable available, it still disappointed private economists and citizens who have been clamouring for banknotes of up to 10,000 pesos. The fast depreciating currency has caused logistical nightmares for customers, businesses and banks, which have had to open new vault space to accommodate more notes for ATMs.

Consumer prices rose 109 percent in April, the fastest since 1991 when Argentina was emerging from hyperinflation. Galloping price increases, along with a record drought, are expected to push the economy into recession before a presidential election later this year.

To read the complete article, see:
Argentina introduces 2,000-peso banknote – it's worth about US$4 (https://www.batimes.com.ar/news/economy/argentina-introduces-2000-peso-banknote-its-worth-about-us4.phtml)

 

Argentina's 2,000 peso-note commemorates the country's history of medical advancements and its public health agency. The bill features two professionals in the field, Dr. Cecilia Grierson and Dr. Ramón Carrillo. Grierson was the first woman to get a medical degree in Argentina, and was a pioneer in the field of kinesiology. Carillo, a neurosurgeon, became the country's first minister of public health in 1949, and pushed to expand the country's health services.

The bill has caused some controversy and outrage as Carillo has been accused of having Nazi connections. He allegedly signed a five-year contract to employ Carl Vaernet, a Nazi doctor who experimented on gay prisoners in concentration camps. Vaernet fled to Argentina in the 1940s, reportedly with the help of British and Dutch colluders, and was never tried in Nuremberg.

To read the complete article, see:
Argentina's new 2,000 peso-note honors a suspected Nazi sympathizer (https://finance.yahoo.com/news/argentinas-2-000-peso-note-110900658.html)

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