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Excerpt from www.ctvnews.ca
Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth about US$10.
The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags — occasionally, suitcases — stuffed with cash for simple transactions. Argentina’s annual inflation rate reached 287 per cent in March, among the highest in the world.
The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month in a bid to “facilitate transactions between users,” the central bank said. The 10,000 peso note is worth US$11 at the country’s official exchange rate and US$9 at the black market exchange rate.
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