As inflation bites, Argentina releases new 2,000 peso banknote
Argentina’s central bank (BCRA) has announced that a new 2,000 peso currency will be released in response to the country’s skyrocketing inflation.
The new note, which will officially be valued $11 (£9), was introduced as a result of a roughly 95% increase in consumer prices over the previous year, which ended in December.
Since 1991, Argentina’s inflation rate hasn’t been this high.
On alternate markets, the 1,000-peso bill, which is the largest current bill, is only worth $2.70.
The new note would “commemorate the advancement of science and medicine in Argentina,” the BCRA wrote on Twitter.
Though the note’s release date is unknown, it will include pioneering physicians Ramón Carrillo and Cecilia Grierson.
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The value of Argentina’s current currency was set at one US dollar when it was first established in 1992.
However, following the nation’s 2001–2002 financial crisis, the fixed exchange rate system was dropped.
Since then, the peso has declined so dramatically in value that one local artist now paints on banknotes instead of canvas since they are less expensive.
A recent painting by Salta artist Sergio Diaz depicts the Steven Spielberg film Jaws as a spoof of Argentina’s rising inflation.
Due to the increase in the price of commodities, notably energy, Argentina has experienced substantial price increases.