In spite of President Alberto Fernández’s recent negative comments about the issuance of a 5,000 pesos banknote (ARS5,000.1), La Nación of Buenos Aires reveals in today’s edition that the Board of Directors of the Banco Central de la República Argentina has approved it, its design is ready, the paper and ink have been purchased at a cost of USD9 million and that Casa de Moneda will start production in June.
COVID-19 and the recent drop in value of the Argentine peso has caused an increase in the demand for cash, which is only going to grow. Printing larger notes seems to be the most economical way of solving it, considering that the largest current note, the 1,000 pesos denomination (ARS1,000.1), is only worth USD7.50 at the informal market rate. In fact every one of the four lowest banknotes, those of 100 pesos and below, are each worth less than one American dollar.
La Nación shows in its article a note’s picture that obviously is a Photoshop concoction.
Courtesy: Gabriel’s Numismatic Market, LLC.
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