Argentina to Issue 20,000 Peso Bills as Inflation Eclipses 211%
- Central bank unveils plans for larger denomination notes
- Nation now faces steeper consumer price gains than Venezuela
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Argentina is preparing to offer larger denomination peso bills in an attempt to simplify daily transactions that require some in the country to carry backpacks stuffed with cash.
The central bank said Thursday it approved the production of 10,000-peso and 20,000-peso notes and would make them available by June. The move is intended to make the financial system more efficient and reduce the costs of acquiring older bills. Currently, the largest denomination in circulation is a 2,000 peso note — and even those are rare and highly sought after.