Economy – Along with inflation, Argentina announced the printing of larger denomination bills

First modification: 01/12/2024 – 16:58

On Thursday, January 11, the National Institute of Statistics and Censuses (Indec) of Argentina reported that the country closed 2023 with 211.4% annual inflation, lThe highest figure since the economic crisis generated by the hyperinflation of 1989-1990.

The data was known one month after the arrival of Javier Milei to the Presidency, who upon assuming office promoted a 50% devaluation of the national currency and the increase in the official dollar, something that fueled the rise in prices.

Indec reported that the consumer price index grew 25.5% in December compared to November, with various goods and services rising the most (32.7%), followed by health (32.6%), given the increases in medications and in the fees of private medicine companies, and transportation services (31.7%).

The Milei Administration had reported that the application of the 'shock' measures or the so-called 'price honesty' generates a significant increase in prices, with December, January and February being the most complex with inflation averages of between 20% and 40%.

Higher denomination bills will arrive

At the same time that the consumer price indices were announced, the Central Bank of the Argentine Republic (BCRA) reported that during 2024 banknotes of 10,000 and 20,000 pesos (equivalent to 12.5 and 25 dollars, respectively) will be printed. at the current official exchange rate).

Currently, the bill with the greatest circulation is the 2,000 pesos and was launched at the end of 2023.

According to the BCRA's official statement, the banknotes that will begin to circulate will “facilitate transactions between users, make the logistics of the financial system more efficient and significantly reduce the costs of acquiring finished banknotes.”

With EFE, Reuters and local media.