For the first time in years, lawmakers from Argentina’s ruling Front for Victory coalition have proposed upping the size of the country’s largest denomination banknote to AR$200.
Congressman Carlos Kunkel, author of the initiative, claims the measure has nothing to do with inflation, which runs at 25-35 percent annually, according to private estimates.
Instead, the larger bill — US$12.50 at the black-market rate — would “reduce the cost of printing and circulating money,” Kunkel told a local radio station on October 8. “It will be more convenient for the people.”
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1 comment:
The government has been unreasonable about this until now. Issuing larger denominations would mean admitting there is inflation, but an emerging economy that has grown at an average of 7% annual over the last 13 years *should* have inflation. It's not a major issue, but the article is right-- it's an inconvenience.
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