Argentina introduces 500-peso bill against soaring inflation

The Central Bank of Argentina (BCRA) presents on June 30 the bill of 500 pesos, equivalent to 33 U.S. dollars, which will begin to flow the next day.

(Soundbite) Federico Sturzenegger, President of Central Bank of Argentina
“Today we have a central bank that is obsessed to end this scourge we call inflation. And we are to present not only a new bill but to introduce a new family of banknotes which will hopefully mark the beginning of a new time.”

The banknote features the image of jaguar, a wild feline in the South American country, with which the monetary authority wants to emphasize the importance of the native fauna and the environment around them.

(Soundbite) Federico Sturzenegger, President of Central Bank of Argentina
“Banknotes are instruments that reach every corner of the country. We choose these images, so that each time an Argentine keeps them in your hand, he may be challenged by them and reminded to defend our environment as a collective and inalienable task.”

Soaring inflation has inflicted Argentina for years, while paper money of less denomination has less and less purchasing power.

The government expects to tame the inflation rate to lower than 25 percent this year, compared with a cumulative 700 percent in the past decade.

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