BUENOS AIRES, Argentina (AP) — 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 — to 10,000 pesos, worth about $10. The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags — occasionally, suitcases — stuffed with cash for simple transactions. Argentina’s annual inflation rate reached 287% in March, among the highest in the world. The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month in a bid to “facilitate transactions between users,” the central bank said. The 10,000 peso note is worth $11 at the country’s official exchange rate and $9 at the black market exchange rate. Across Argentina, hard currency — specifically, the country’s ubiquitous 1,000-peso notes — 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’s worth a dollar. |
China to Regulate Use of Chinese CharactersChina Issues White Paper on Its Youth in New EraRural Women Plant Trees, Hope in South China DesertHKSAR Chief Executive Sees off Mainland Medical Workers Supporting Pandemic FightFarmers Work in Sugar Cane Fields in Dahua Township, GuangxiYoung Chinese a New Force in Rural RevitalizationSpring Farming Across ChinaYoung Chinese a New Force in Rural RevitalizationChinese University to Compile Textbooks for Intangible Cultural Heritage StudiesYoung Chinese a New Force in Rural Revitalization