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Banks in Argentina Need More Vault Space to Store Piles of Pesos

  • Galicia, Santander expected to invest to boost storage room
  • Volume of cash growing with 100% inflation, low-value bills
A Santander bank branch in Buenos Aires, Argentina, on Friday, Jan. 6, 2023. 
A Santander bank branch in Buenos Aires, Argentina, on Friday, Jan. 6, 2023. Photographer: Erica Canepa/Bloomberg

Argentina’s peso bills are depreciating so quickly as inflation approaches 100% that banks are running out of space to store bank notes.

Banks in the crisis-prone economy, including Banco Galicia and the local unit of Spain’s Banco Santander SA, are installing more vaults to store bank notes at a time the largest denomination bill is worth less than $3, according to people familiar with their plans. Just last week, a business chamber in Buenos Aires called on the central bank to start printing larger-denominating bills to tackle the increasing problems of transacting with an ever-greater number of bills.