Argentina to issue larger-denomination banknotes

Argentina to issue larger-denomination banknotes

Argentina’s Central Bank (BCRA) announced this week that would start printing AR$10,000 and AR$20,000 bills (a little under US$ 10 and 20 respectively) to meet the demand for higher-denomination banknotes, it was reported in Buenos Aires. “The issuance of these denominations will facilitate transactions among users,” the BCRA argued in a statement.

In theory, the highest-denomination bill available now is the AR$ 2,000 one but after being issued in 2023 they are nowhere to be found. Instead, Argentines need to carry large chunks of money made of AR$ 1,000 banknotes.

The new measure will also “make the logistics of the financial system more efficient and allow for a significant reduction in the acquisition costs of finished banknotes,” the statement went on.

The board of the Central Bank decided to use existing designs belonging to the “Heroines and Heroes of the Homeland” family for the new banknotes, in a move to save costs and shorten production times.

The 10,000 peso banknote will have the joint images of Manuel Belgrano and Independence War female hero María Remedios del Valle while the 20,000 peso banknote will display the face of Tucumán-born Juan Bautista Alberdi, who is said to be the Argentine version of the US’ Publius regarding the Constitution of 1853.

Alberdi’s liberal views also make him a personal example for President Javier Milei.

The BCRA also explained that the new bills are to keep the size of the other banknotes in circulation, which is very similar to that of the US dollar.