A new family of banknotes will be presented on Monday 23 May 2022 at the “Casa Rosada”, the Government House. The new banknotes will replace animals with portraits of famous Argentines.
The new banknotes will honor women, among them Juana Azurduy, a hero in the War of Independence. San Martin and Belgrano will be back and María Eva Duarte de Perón will also be included. The largest denomination will continue to be the 1,000 pesos banknote, which is now worth slightly less than USD5 at the informal rate of exchange.
The range of colors for the different denominations will be maintained.
Obviously it would have made more sense to include larger denominations, but this was not done for political reasons. This is what happen when practical decisions about currency are made by politicians instead of Central Bank authorities, who know how much it cost to print, store, transport, and eventually destroy low value banknotes. Commercial banks are now charging their large cash depositing clients, like supermarkets, a 5% handling fee if more than 85% of a deposit is made in banknotes of 200 pesos or lower.
Sources: Clarín and Ambito Financiero.
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