Argentina’s Central Bank (BCRA) introduced the new 10,000-peso banknote and is distributing it nationwide via banks and ATMs.
This note showcases Manuel Belgrano and María Remedios del Valle, a hero from Argentina’s War of Independence.
Consequently, it aims to improve financial transactions and make banking logistics more efficient.
Later this year, the BCRA will also release a 20,000-peso note to further reduce cash distribution costs and streamline transactions.
However, due to Argentina’s ongoing inflation, these new bills have lost 35% of their value since their January announcement.
Therefore, the issuance of these higher-denomination notes helps facilitate more efficient cash management and fights inflation.
This week, Argentina will receive the first batch of 770 million 10,000-peso notes from China’s China Banknote Printing and Minting Corporation.
These notes account for 7% of the 11.1 billion bills currently circulating nationwide.
Moreover, the BCRA has contracted Crane Currency Malta Limited to print 190 million more 10,000-peso notes.
Each thousand notes cost $56.5, bringing the total to $10.7 million.
These will be delivered in three shipments: 20 million in August, 80 million in September, and the remaining 90 million in October.
The BCRA has partnered with China’s China Banknote Printing and Minting Corporation to produce the new 20,000-peso note featuring Juan Bautista Alberdi.
Together, they will produce 230 million of these notes. At $58 per thousand, the contract costs $13.3 million and will be completed in three stages.
The company will deliver 20 million notes in October, 130 million in November, and 80 million in December.
Through these measures, the BCRA aims to strengthen Argentina’s economy by improving the efficiency of currency distribution.
Circulating higher-denomination notes also reduces inflation’s impact while supporting transactions in daily commerce.