The Central Bank of the Argentine Republic (BCRA) has recently introduced a new 10,000 peso bill, which is equivalent to about 10 euros. This new note is now the maximum denomination in the Argentine monetary system, replacing the 1,000 peso and 2,000 peso notes that have been commonly used until now.
Over the past year, Argentina has experienced an inflation rate of 287%, significantly devaluing existing banknotes. In addition, the previous government did not issue higher denomination bills to avoid recognizing inflation. This has made normal cash transactions cumbersome as it requires the use of hundreds of bills. However, the increasing use of virtual payments through electronic wallets and credit cards has helped ease this burden.
The new 10,000 peso bill features images of Manuel Belgrano and María Remedios del Valle, historical figures from Argentina’s fight for independence. The government plans to introduce a 20,000 peso bill with the image of Juan Bautista Alberdi, a prominent figure in Argentine liberalism. These new bills are expected to provide greater value and convenience in everyday transactions for Argentines.
The history of the Argentine peso has been marked by constant devaluation with the currency changing names and losing zeros in successive monetary reforms. The current situation requiring a large number of banknotes for transactions has led to challenges in the ATM system and banks creating special vaults to accommodate large volumes of physical money. The government believes that inflation is decreasing with hopes of achieving monthly inflation rates in single digits.
