Argentines Get Free Bank Accounts as Cash-in-Hand Fuels Crime
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Carolina Piparo, an eight-months pregnant Argentine state worker, was shot by robbers who stole the $20,000 she had just withdrawn from a bank to buy a house. Her baby died because of the wounds.
The July 20 attack in the city of La Plata spurred the central bank to introduce regulations that take effect this week to encourage Argentines to use the financial system instead of paying cash for real estate, cars and other big-ticket items. Banks must now offer free accounts and, from Nov. 1, charge no more than 5 pesos ($1.27) on transfers of up to 50,000 pesos.